That's right: The US hasn't seen an unemployment rate this low since the moon landing. Attendees at Woodstock experienced a labor market this tight; now, Americans scrambling for Beyoncé tickets are in a similar position.
The data comes on the heels of several other economic indicators that show while fears of an economic downturn are abundant , they're nowhere to be found in the numbers. The gross domestic product, or GDP, grew 2.9% in the fourth quarter of 2022. Inflation has cooled down, and might be cooling even faster than it seems.
To be sure, the thousands of tech workers swept up in recent layoffs probably aren't feeling as rosy. It's another paradox of the labor market, which, by all accounts, is still red-hot. Even with those thousands of layoffs, though, there are plenty of firms ready and willing to hire — and that's exactly what they did in January.
"The unemployment rate's at the lowest since 1969. It's great news. What else is there to say about it?" Daniel Zhao, lead economist at Glassdoor, told Insider. "I think it just reemphasizes that the labor market is strong, and has been stronger than you might be able to infer just from some of the headlines we've been seeing about layoffs."
https://www.businessinsider.com/unemployment-rate-lowest-since-1969-hiring-recession-fears-2023-2
Go Joe!
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