By many measures, the U.S. economy is doing well, with the gross domestic product growing steadily and stock indexes routinely hitting record highs. But one thing is missing from the economic expansion: the jobs.
Forecasters expect that the economy grew at a healthy 2.5% inflation-adjusted annual rate in the fourth quarter despite being dragged down by a lengthy government shutdown.1 Typically, economic expansion creates demand for many new positions, but that didn’t happen in 2025, which was the worst year for job creation outside a recession in more than two decades.
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