The U.S. economy maintained a strong pace of job growth in December, with the unemployment rate falling to 3.5%, but higher borrowing costs as the Federal Reserve fights inflation could see the labor market momentum slowing significantly by mid-year.
Nonfarm payrolls increased 223,000 last month, the Labor Department said in its closely watched employment report on Friday. Data for November was revised lower to show 256,000 jobs added instead of 263,000 as previously reported.
Economists polled by Reuters had forecast payrolls increasing by 200,000 jobs, with estimates ranging from 130,000 to 350,000. Monthly job growth is well above the pace needed to keep up with growth in the working age population. The unemployment rate dropped to 3.5% from 3.6% in November. The government revised the seasonally adjusted data for the household survey, from which the unemployment rate is derived, for the last five years.
Average hourly earnings rose 0.3% after 0.4% in the prior month. That lowered the year-on-year increase in wages to 4.6% from 4.8% in November. Government data this week showed there were 10.458 millionThe labor market has remained strong, despite the Fed embarking last March on its fastest interest rate-hiking since the 1980s.
Interest-rate sensitive industries like housing and finance, and technology companies, including Twitter, Amazon
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Federal Reserve Keeps up Hawkish Stance Against InflationThe latest FOMC meeting minutes show that the \u201Crestrictive policy\u201D of a tightening of monetary direction will have to be continued while inflation remains high.
Leer más »
Stocks close higher, snap 2-day losing streak as Wall Street shakes off Fed minutesStocks closed higher Wednesday as investors looked past Fed meeting minutes that showed the central bank will remain aggressive in its policy to tame high inflation. The Dow gained 0.40%. The S&P 500 popped 0.75%. The Nasdaq rose 0.69%.
Leer más »
EUR/USD rises back above 1.0600 as Fed officials eye no rate cuts in 2023EUR/USD holds to the 1.0600 figure after the Federal Reserve (Fed) unveiled December’s monetary policy minutes which showed that policymakers remain r
Leer más »
No Fed official expects an interest-rate cut to be appropriate this year, meeting minutes showFederal Reserve officials were unanimous in the view that there would be no need to cut rates this year, according to minutes of their December meeting.
Leer más »
Fed Minutes: Self-defeating expectations – RabobankAnalysts at Rabobank offer their afterthoughts on the Minutes of the US Federal Reserve (Fed) December meeting released on Wednesday. Key quotes “In t
Leer más »