Government hiring drove the gains, which extended one of the strongest streaks of job creation on record.
The growth has confounded forecasters expecting job losses as higher borrowing costs slowed the economy.
The growth has confounded forecasters expecting job losses as higher borrowing costs slowed the economy.
All told, the US added 2.7 million jobs last year, slowing after the boom of 4.8 million in 2022 and 6.4 million in 2021, but a faster pace than pre-pandemic years.
Pay showed signs of rising, with average hourly earnings in December up 4.1% from a year earlier.
Analysts said the signs of strength in the report should dampen speculation that the Federal Reserve will need to reverse course quickly and start cutting interest rates to shield the economy from damage.
“Jobs growth remains as resilient as ever, validating growing scepticism that the economy will be ready for policy rate cuts as early as March,” Seema Shah, chief global strategist at Principal Asset Management, said.
“Indeed, the recent run of labour market data generally point in one direction: strength.”
The growth has confounded forecasters expecting job losses as higher borrowing costs slowed the economy.
Government hiring drove the gains, which extended one of the strongest streaks of job creation on record.
All told, the US added 2.7 million jobs last year, slowing after the boom of 4.8 million in 2022 and 6.4 million in 2021, but a faster pace than pre-pandemic years.
The growth has confounded forecasters expecting job losses as higher borrowing costs slowed the economy.
The growth has confounded forecasters expecting job losses as higher borrowing costs slowed the economy.
All told, the US added 2.7 million jobs last year, slowing after the boom of 4.8 million in 2022 and 6.4 million in 2021, but a faster pace than pre-pandemic years.
Pay showed signs of rising, with average hourly earnings in December up 4.1% from a year earlier.
Analysts said the signs of strength in the report should dampen speculation that the Federal Reserve will need to reverse course quickly and start cutting interest rates to shield the economy from damage.
“Jobs growth remains as resilient as ever, validating growing scepticism that the economy will be ready for policy rate cuts as early as March,” Seema Shah, chief global strategist at Principal Asset Management, said.
“Indeed, the recent run of labour market data generally point in one direction: strength.”
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