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In the past several years we’ve seen a significant shift in the job market and labor force, and predictions for 2023 suggest that the Great Resignation will extend into the foreseeable future. In fact, the unemployment rate is projected to reach almost 4.5 percent in 2023 and about 900,000 jobs could be lost in the first half of the year.
There are several factors that explain this projected state of unemployment, including a tight US labor market, understaffing, expected declining participation, and an aging workforce. On top of that, the recession is projected to be short and the demand for
