The job market is strong right now, but there are signs the Fed’s fight against inflation could weaken it by next year. ⁠ ⁠ The Fed predicts the unemployment rate will rise from 3.7% today to 4.4% by 2023 — a statistic that implies around 1.2 million people could lose their jobs. ⁠ ⁠ That’s bad news for all of us. History suggests it will be particularly painful for Black, Latinx, and less-educated workers. ⁠ ⁠ “I’m confident that this job market a year from today will be weaker, and I’m very concerned about racial impacts in this type of situation,” Stettner says. “Across educational levels, you’ve seen in the past Black workers be the first to fire and last to rehire.” Says Andrew Stettner, an unemployment researcher at The Century Foundation.⁠ ⁠ To read more about this potential unemployment wave, how it will affect the most vulnerable workers, and what you can do to prepare, head to the link in our bio. ⁠ ⁠ ⁠ #financialindependence #fire #moneymoves #nextadvisor #investing #personalfinance #stockmarket #cryptocurrency #savings #savingsfund #housingmarket #homeprices #mortgage #savingsaccount #financialliteracy #financialeducation #ibonds #investment #moneytips #personalfinancetips #homebuyer #sidehustle #sidehustletips #sidehustleideas #creditcards #firemovement #trading #stocks #moneynews #financenews