U.S. Jobs & Labor Report: November 2023
The U.S. economy continues to hum, with surging growth in the third quarter fueled by strong consumer spending. Wage growth has now exceeded inflation for some time, allowing rising real incomes to support demand, and Morning Consult’s high-frequency labor data suggests there is no reason to suspect this would change in the near term. The incidence of lost pay or income is low, job search activity is rising and workers are feeling confident in their bargaining power. Morning Consult data aligns with recent Bureau of Labor Statistics data showing a robust job market. In September alone, the U.S economy added 336,000 jobs, with the unemployment rate steady at 3.8%.
- Morning Consult’s Lost Pay and Income Tracker fell in October, with the share of U.S. adults reporting pay and income losses declining to 11.0% from 11.8% in September.
- Morning Consult’s job search activity tracker continued to rise in October, with the share of employed adults actively applying for a new role on a strong uptrend over the course of 2023.
- Morning Consult data shows that in 2023, workers feel like they have more bargaining power, with the share saying their employer would provide a raise if asked or match a higher, external offer notably increasing over the course of the year.
About the author
Jesse Wheeler previously worked at Morning Consult as a senior economist.