Job gains and free-spending shoppers lifted Wall Street in 2023, but new data tells another story
FILE - A hiring sign is displayed at a Chipotle restaurant in Schaumburg, Ill., Jan. 30, 2023. Job gains and raises helped power solid economic growth in the U.S. last year, but what if those gains were a mirage? The Labor Department overestimated job gains last year by about 13%. That suggests some of Wall Street’s optimism last year was built on sand. A weaker employment market means a weaker case for consumer spending to keep propping up the economy. (AP Photo/Nam Y. Huh, file)
NEW YORK (AP) — Job gains and raises helped power solid economic growth in the U.S. last year, but what if those gains were a mirage?
Gross domestic product jumped 4.9% during the third quarter on an annualized basis and economists expect an initial reading of 1% growth during the final quarter of 2023.
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