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In many ways, 2024 was a surprisingly strong year for global labor markets. While markets in most developed economies cooled last year, they mostly did so from positions of strength, generally avoiding the large-scale weakening expected by many observers at the start of the year. But at the start of 2025, any cushion for further slowdowns may be depleted, and further deterioration may begin to lead to higher unemployment and more volatility.
Still, the outlook in some nations (notably the United States) is rosier than in others. The US economy continues to grow at a healthy clip and is expected