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US gross domestic product (GDP) increased 1.9% in 2022 and another 2.5% in 2023. GDP docHubed $27.4 trillion in 2023. The increase in real GDP (or GDP adjusted for inflation) was primarily due to increased consumer spending, nonresidential fixed investment, government spending, and exports.
Forecast of the unemployment rate in the United States for fiscal years 2023 to 2034 YearUnemployment rate 2026* 4.3% 2025* 4.4% 2024* 4.1% 2023 3.6%8 more rows 1 Mar 2024
Key Forecast Figures for Germany 20232024 Gross domestic product (percentage change over previous year) -0.3 0.2 Employment (1.000 persons) 45 933 46 101 Unemployment (1.000 persons) 2 609 2 699 Unemployment rate (in % of civilian labor force) 5.7 5.99 more rows 6 Mar 2024
Labor Force Participation in 2024 and Beyond In the near term, we expect slowing economic growth to cause the unemployment rate to rise to 4.0% on average in 2024 (peaking at 4.3% in the fourth quarter of 2024) from an average of 3.7% in 2023, which is quite mild compared with US economic slowdowns in recent decades.
Euro area unemployment at 6.4 % in January 2024. EU unemployment at 6.0 % in January 2024.

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In the near term, we expect slowing economic growth to cause the unemployment rate to rise to 4.0% on average in 2024 (peaking at 4.3% in the fourth quarter of 2024) from an average of 3.7% in 2023, which is quite mild compared with US economic slowdowns in recent decades.

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