JUST IN: U.S. economy added 223,000 jobs in December, exceeding expectations and signaling that the labor market remains strong.
Payroll growth decelerated in December but was still better than expected, a sign that the labor market remains strong even as the Federal Reserve tries to slow economic growth.
Stock market futures rose following the release as investors look for signs that the jobs market is cooling and taking inflation lower as well. Primarily, the Fed is looking to bridge a gap between demand and supply. As of November, there were about 1.7 job openings for every available worker, an imbalance that has held steady despite the Fed’s rate hikes. The strong demand has pushed wages higher, though they mostly haven’t kept up with inflation.
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