Both sides were worn down to a very low level by the end of the year, but the US had the manpower and resources to rebuild during 1943.
Yes, indeed. Most of the major naval battles took place in 1942 (the Japanese offensives and the initial US offensives) and 1944 (the main US offensives), with 1943 being a rebuilding year for both sides (although there were a number of extremely bloody small and medium scale conflicts), and by 1945 most of the Japanese fleet was either on the bottom or stuck in port with empty fuel tanks.