But unemployment is still projected by most forecasters to peak at a much lower level than was widely expected last year. something similar has happened in the eurozone, where the jobless rate is still at a record low. yet it s in america where the good news on unemployment has been most astonishing. last year most forecasters expected it to shoot up to around 5.5% in 2023. instead it s still at 3.5%. that translates into some 3 million fewer americans jobless than anticipated. economists are not clear why the unemployment forecasts were so wrong, but for whatever reason, developed world labour markets have proved more robust in the face of fast rising interest rates than feared. it s not unalloyed positive news in the uk and the eurozone inflation is still proving worryingly sticky, which might be because the labour market is still too buoyant. yet in a world of depressing economic developments the resilience of developed world labour markets and the fact that fewer people have lost