The unemployment rate dipped to 3.4%, a new half-century low.
and others, most workers are enjoying an unusual level of job security even at a time when many economists foresee a recession approaching.
The Fed, hoping to cool the job market and the economy — and, as a consequence, inflation — has steadily raised borrowing rates, most recently on Wednesday. Year-over-year measures of consumer inflation have steadily eased since peaking at 9.1% in June. But at 6.5% in December, inflation remains far above the Fed’s 2% target, which is why the central bank’s policymakers have reiterated their intent to keep raising borrowing rates for at least a few more months.
The Labor Department’s monthly count of layoffs has amounted to fewer than 1.5 million for 21 straight months. Until 2021, that figure had never dropped so low in records dating back two decades.
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