U.S. Economy Adds 199,000 Jobs, Unemployment Drops to 3.7%

Despite predictions of a recession, the economy remains resilient, but public perception could impact Biden's re-election campaign.

The U.S. economy added 199,000 jobs in November, bringing the unemployment rate down to 3.7 percent, near a half-century low.
The Federal Reserve is expected to hold interest rates steady at its final meeting of the year, after raising rates throughout 2022 and 2023 to combat inflation.
Despite predictions of a recession, the U.S. economy has remained resilient, with growth of at least 2 percent every quarter for the last five quarters.
However, nearly 60 percent of Americans believe the U.S. is currently in a recession, which could impact President Biden's campaign for re-election under the 'Bidenomics' slogan.
Analysts are hopeful for a 'soft landing' for the economy in 2024, where growth slows enough to bring inflation down to the Federal Reserve's 2% target, without causing a deep recession.