The unemployment rate fell back to a record low of 3.5% from a revised 3.6% in November. Economists were expecting 200,000 job gains for the last month of the year, according to Refinitiv. December’s job total is lower than the downwardly revised 256,000 jobs added in November. Including last month’s gains, which are subject to revision, the economy added about 4.5 million jobs in 2022. That’s the second-highest-ever total, after the 6.7 million jobs added in 2021 — a boomerang from 2020’s 9.
The participation rate has not returned to pre-pandemic levels, vexing economists and the Fed, while also contributing to an imbalance of worker supply and demand. “The labor market is moving in the right direction for the Federal Reserve, according to the December employment report, but is not there yet,” Gus Faucher, senior economist for PNC Financial services said in a statement.
There will be lectures given in universities across the world on how President Biden transformed the American economy in his first term. Master tactician and strategist, but good news doesn’t sell newspapers or clicks so don’t expect any let up of MSM attacks prior next election
None of them pay more than fake news.
Means even higher inflation and a hard landing?
The Fed is Infuriated! They are likely to create a havoc and crash the economy! How can they be wrong seven times? That’d infuriate anyone! Well McCarthy has been defeated 12 times for the Speakership but that is a different thing.
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