And there were 256,000 new jobs created in December, well above the consensus estimate of 155,000, and unemployment fell to 4.1%. This compares favorably to the November Jobs report, 227,000 new jobs and 4.2%.
Of course, the response to this economic good news from the stock market was negative, because it is feared that the Fed will stop cutting rates.
Yeah, it sounds nuts too me too:
The U.S. economy added 256,000 jobs last month and the unemployment rate edged down, the Labor Department said Friday.
December’s gain in nonfarm payrolls was well above the 155,000 jobs that economists had expected, according to a Wall Street Journal survey. The 4.1% unemployment rate was also better than the expected 4.2%.
The results were the latest sign that the U.S. labor market has recovered from its midyear stumble and may even be gaining steam. But Friday’s job report also shuts the door on a rate cut at the Federal Reserve’s next meeting, which is Jan. 28-29, and reduces the chances of a cut at its subsequent meeting in March.
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Stock futures fell after the report was released, and the yield on 10-year Treasury bonds jumped to 4.79% from around 4.7%.
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The U.S. added 2.2 million jobs in 2024. That was more than double the number expected by economists heading into the year, according to a Wall Street Journal survey conducted last January.
Average hourly earnings rose 0.3% from November to $35.69. That was up 3.9% from December 2023.
Once again, ¯\_(ツ)_/¯.
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