The Job Openings and Labor Turnover report on Tuesday showed an unexpected rise in job openings in December, from an upwardly revised 8.9 million in November to 9.0 million representing a healthy ratio of around 1.5 jobs for every unemployed individual.
Recent economic data continues to suggest positive but below trend growth this year. Labor markets remain solid, and the U.S. consumer has demonstrated resiliency.
The US economy grew at a surprisingly strong rate of 3.3% in the fourth quarter of 2023, according to the advanced estimate for GDP. The consensus estimate for fourth quarter GDP was significantly lower at 2.0%. The data continues to illustrate the strength of the consumer as personal consumption came in slightly above estimates at 2.8.
