The U.S. labor force is still characterized by comparatively high inflation and low unemployment. Worker confidence has stayed remarkably high amid uncertain economic conditions, though unexpected fluctuations are still bound to occur. In the first quarter of 2023, the Worker Confidence Index (WCI) decreased by 3.5 points to 110.9 after three-quarters of increases.
In the beginning of the first quarter, U.S. unemployment remained steady at 3.4%, then rose slightly to 3.5% in March. The labor force participation rate increased, from 62.2% to 62.9%. In the first quarter of 2023, 1.1 million jobs were added, compared to 751,000 in the fourth quarter of 2022.
Read the full report to see how the evolving landscape of the labor market is influencing Worker Confidence.