2023 Labor Wrap Up

The American labor force grew 1.7% in 2023, more than three times as fast as the overall population (+0.5%) and well above the body of people over the age of 19 and not incarcerated or otherwise incapable of work (+1.1%).

The 2.83 million additional workers dwarfs the 138,300 rise in people not in the workforce, and was slightly above the 2.75 million expansion of civilian employment.

Non-farm payroll rose by 3.55 million, or 2.3%. The three-year rolling average increase (+3.2% p.a.) is the highest since 1977-79.

That helped hold the unemployment rate to 3.64% (and for the fussy, U-6 was 6.9%, matching the lowest rate in history, which was 2022).