Meanwhile, the overall labor participation rate, which has declined since the start of the pandemic, increased by .1 percentage points to 62.3%
The U.S. unemployment rate dropped to 3.5% in December, matching several other recent months for being the lowest unemployment rate in decades.
. The workforce participation rate includes the number of people in the workforce and those looking for work compared to the population over age 16. Whether the Federal Reserve continues to be aggressive with interest rate increases will largely determine whether there is a decline in the U.S. economy, Jerry Nicklesburg, an adjunct professor of economics at the UCLA Anderson School of Management and senior economist with the UCLA Anderson Forecast, said earlier this week.
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