Discussion Paper
The Fifth District Labor Market: Normalization or the Beginning of a Slowdown?
Abstract: The U.S. labor market continues to surprise economists and forecasters with its resilience. In 2023, employers have added more than 300,000 jobs per month on average, and that's after adding around 500,000 jobs per month on average throughout 2021 and 2022. The unemployment rate is persistently low, and the job postings rate remains extremely high. There are, however, some signs of slowing. In addition to job postings falling from its peak, the pace of job and wage growth has slowed. Reports from employers in the Fifth Federal Reserve District have been similarly strong, but with signs of slowing in hiring. At the very least, our surveys of manufacturers and service providers indicate cooling in what has been a red hot labor market.
Keywords: 5th district; labor market;
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https://www.richmondfed.org/region_communities/regional_data_analysis/regional_matters/2023/rm_06_27_23_fifth_district_labor_market
Description: Discussion Paper
Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Regional Matters
Publication Date: 2023-06-27