Prolonged inflation, fears of a recession, mass layoffs and more all made for a rocky labor market in 2023. But it may stabilize further in the new year, experts say, as the labor market levels off and many economists expect the U.S. economy to see a soft landing.
“It’s uncharted territory all around,” says Preston Caldwell, chief economist at Morningstar. “We really haven’t had very many soft landings of this nature.”
After years of fears over a looming recession, the economy is ending the year above expectations: the unemployment rate hit 3.7% in November, the Federal Reserve is eyeing interest rate cuts next year and inflation dropped to 3.1%, down from a peak of 9.1% in July 2022.
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