Jobs juggernaut move forward in economy

The nation's jobs market is still moving ahead but at a slightly slower pace. It’s a Goldilocks pace that is neither too hot nor too cold.     

Last month employers took on 216,000 more employees, 46,000 more hires than analysts and economists had projected. 

"In 2022, we were averaging nearly 400,000 jobs per month gained, said Michael Bernick, an employment lawyer at the Duane Morris Law Firm and a former EDD Director. "It's still a positive job gain and higher than most economists expected. And this soft landing, at least from a job's point of view, may still be possible," he said.

Nationally, the unemployment rate remained at 3.7 percent, a very low number historically.

Most major categories remained flat. But, despite inflation and higher interest rates, the job market is humming along in high gear, especially as relates to four major categories. 

"Government, social services, healthcare, especially in leisure and hospitality," said Bernick.

Overall, wages, up 4.1 percent over December 2022, outpace current inflation at 3.1 percent. But gains have not yet outpaced the combined lingering effects and prices generated in the last three last years. 

"Prices are still nearly 20% higher today than they were in February of 2020," said Bernick

While we've now made up much of inflation's income erosion, we still have a way to go.