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  "documentTitle": "us executive macroeconomic briefing february 20240223",
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      "text": "Looking ahead, we expect labor demand will soften as companies grapple with slower demand, weaker profitability, continued cost pressures and tight financing conditions. Yet, the labor market downturn will be mild by historical standards, with the unemployment rate likely to peak near 4.5% by year-end.",
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      "text": "The cyclical rebound in labor force participation is very encouraging as a stronger supply of labor can act as a relief valve against elevated wage pressures. At the same time, labor force participation is increasingly constrained by the ongoing retirement of baby boomers as well as the continuing immigration shortfall.",
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      "text": "In February, the labor force participation rate rose for a third consecutive month to 63.5%. And the prime-age (25-54 years) participation rate jumped to 83.1% from 82.7%, reaching its pre-pandemic level for the first time since the onset of the pandemic.",
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      "text": "Looking ahead, we expect labor demand will soften as companies grapple with slower demand, weaker profitability, continued cost pressures and tight financing conditions. Yet, the labor market downturn will be mild by historical standards, with the unemployment rate likely to peak near 4.5% by year-end.",
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      "text": "With much effort having been poured into hiring and training over the last 18 months, executives are reluctant to let go of their prized talent pools. As such, layoffs remain low, and instead, reduced hiring and wage growth compression are being considered as alternatives to keep a lid on labor costs.",
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      "text": "Unemployment rate: 4.5%",
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      "text": "1.Labor force participation rate\nSource: BLS; EY-Parthenon",
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