NEW: Economy added 223,000 jobs in December, unemployment down to 3.5%
The headline job growth number in Friday’s employment report from the Bureau of Labor Statistics is slightly less than economists had predicted, although the overall report was still strong. The unemployment rate fell to 3.5%, a historically low figure.
The reading follows several months of strong and overperforming job gains, which has been key positive economic data that President Joe Biden has touted even as historic inflation cuts deeply into the paychecks of people across the country. This newest report adds to that narrative.The resilient job market has been a sign that the economy is not in recession, even though gross domestic product contracted in the first two quarters of last year — a situation commonly used to define a recession.
Still, most economists expect a recession to be declared sometime in the coming 12 months, with more than two-thirds of the economists at major financial institutions surveyed by the Wall Street Journal predicting a coming recession due to the Fed’s aggressive rate hiking.
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