The U.S. economy added jobs at a solid clip in December, pushing the unemployment rate back to a pre-pandemic low of 3.5%.
A pedestrian passes a "Help Wanted" sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian SnyderHousehold employment surges; participation rate risesWASHINGTON, Jan 6 - The U.S. economy added jobs at a solid clip in December, pushing the unemployment rate back to a pre-pandemic low of 3.5% as the labor market remains tight, but Federal Reserve officials could draw some solace from a moderation in wage gains.
The labor market has remained strong, despite the Fed embarking last March on its fastest interest rate-hiking since the 1980s. It is underpinning the economy by sustaining consumer spending. But the economy's resilience raises the risk the Fed could lift its target interest rate above the 5.1% peak the central bank projected last month and keep it there for a while.
Average hourly earnings rose 0.3% after increasing 0.4% in the prior month. That lowered the year-on-year increase in wages to 4.6% from 4.8% in November. Wages growth could pick up in January as several states raise their minimum wage and most workers across the country get cost of living adjustments.U.S. stocks opened higher on the moderation in wage growth. The dollar was little changed against a basket of currencies. U.S. Treasury prices were mixed.
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