The Q4 labor market seemed to level off in Q4 more and more. The national unemployment rate in the U.S. remained stable during the final quarter of 2023, with an average rate of 3.7%. This is the same rate observed in the previous quarter. A closer look at the data reveals that October had a slightly higher unemployment rate of 3.8%, but the rate returned to 3.7% in both November and December. The unemployment rate throughout 2023 showed very little variation, staying between 3.4% and 3.8%.
Some industries such as government jobs, healthcare, social assistance and construction trended upward in employment. While others such as transportation and warehousing lost jobs in Q4.
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