the staff of the Ridgewood blog
Washington DC, yesterday the Bureau of Labor Statistics reported ,total nonfarm payroll employment increased by 223,000 in December, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, health care, construction, and social assistance.
Gusto Payroll Service https://
The news sparked hopes (and a stock market rally) for smaller interest-rate hikes in the future from the FED and the December payrolls report showed the US economy is still creating jobs while wage pressures are easing. The labor market remained strong, with 223,000 nonfarm jobs added and wage growth registering its weakest monthly increase since December 2020. Robert Burgess even wrote in Bloomberg Opinion that this is a “goldilocks” scenario for the Federal Reserve in its hunt for the elusive soft landing. Even Lawrence Summers , the former Treasury secretary and a significant critic of the current administration said the report shows “a strong economy with slowing inflationary pressure.” (He did add that wages need to drop more.)
Thanks Uncle Brandon!