The US economy will continue to grow in 2024

According to data released by the US Department of Labor on January 5, employers in this country hired more workers than expected in December 2023.

The US economy is forecast to not enter a recession in 2024. (Source: Getty)

Meanwhile, wage growth has been strong, helping to reinforce expectations that the world's No. 1 economy will continue to grow in 2024.

The ministry's report showed that the non -agricultural sector added 216,000 jobs in December 2023, much higher than the 170,000 jobs previously forecast by economic experts.

November's data was also revised down, with 173,000 jobs added instead of the previously reported 199,000. For all of 2023, the US economy added 2.7 million jobs, down sharply from the 4.8 million jobs created in 2022.

The unemployment rate is unchanged from November 2023, remaining at 3.7%. However, despite the expanding labor force, wage growth remains strong. Average hourly earnings for US workers increased 0.4% in December 2023, after increasing 0.4% in the previous month.

Year-on-year, wages rose 4.1% in December 2023, from 4.0% in November.

The report also showed that job growth in recent months has been concentrated in a few sectors such as leisure, hospitality and health care. State and local government hiring to restore the education workforce to pre-pandemic levels has also boosted job growth.

Some economists say this suggests the labor market is not as strong as the numbers suggest. However, most economists do not expect a recession in 2024 as the resilience of the labor market supports consumer spending.

Source: https://baoquocte.vn/kinh-te-my-se-tiep-tuc-tang-truong-trong-nam-2024-256380.html