U.S. Jobs & Labor Report: December 2023

December 2023

Report summary

The U.S. labor market is showing signs of cooling, a welcome relief for policymakers at the Federal Reserve looking for evidence that interest rate hikes are having the desired effect of slowing the economy. Morning Consult data likewise shows hints of cooling, with the incidence of lost pay or income ticking higher, the share of workers working full time down considerably from last year’s peak, and fewer employees reporting staffing shortages compared with 2021 and 2022.

Key Takeaways

  • Morning Consult’s Lost Pay and Income Tracker remains near series lows, with a decline in the share of low-income households experiencing income loss driving the November decline.
  • The share of workers actively looking for a new job is on the rise, which is consistent with rising continuing jobless claims as unemployed and employed Americans alike are finding it a little more difficult to find that next job.
  • Labor shortages are easing, with fewer workers reporting that their employer has too few workers to get the job done.
  • Morning Consult data suggests that a declining share of U.S. employers are offering key benefits, with fewer employees reporting receiving health insurance and retirement contributions.

About the author

A headshot photograph of Jesse Wheeler
Jesse Wheeler
Senior Economist

Jesse Wheeler previously worked at Morning Consult as a senior economist.