Here are the 5 things to know about the state of the economy this Independence Day

Travelers wait in line at Hartsfield-Jackson Atlanta International Airport in Atlanta on June 30, 2023, ahead of the 4th of July holiday weekend. Consumers are traveling and eating out more though they are paring down spending in other ways.

Elijah Nouvelage / Elijah Nouvelage

As the nation celebrates its 247th birthday with hot dogs and fireworks, the U.S. economy is somewhere in between sizzling and fizzling.

The job market is strong, with unemployment near a half-century low. But inflation — and the Federal Reserve’s efforts to fight it — are keeping recession fears alive.

Here are five things to know about the economy during this Fourth of July holiday.