U.S. labor market powers ahead, but wage growth loses steam

Still, the U.S. central bank's fight against inflation is far from being won. The Labor Department's closely watched employment report on Friday also showed household employment rebounding by a whopping 717,000 jobs last month.

"The labor market remains resilient but is losing pep and worker shortages remain intense," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. "While wage growth has moderated, it's still far from consistent with price stability. Don't look for the Fed to ratchet down its hawkish talk or slow the pace of rate hikes on February 1."

The strong job gains are despite high-profile layoffs in the technology industry as well as interest rate-sensitive sectors like housing and finance. Government employment rose 3,000, though a strike by 36,000 university employees in California hurt state government education payrolls, which fell 24,000.

The unemployment rate is back at five-decade lows and there were 1.7 jobs for very unemployed worker in November. In addition, 23 states and Washington DC raised the minimum wage on Jan. 1. Most workers across the country will also get cost of living adjustments early in the year. The Fed last year raised its policy rate by 425 basis points from near zero to a 4.25%-4.50% range, the highest since late 2007. Last month, it projected at least an additional 75 basis points of hikes in borrowing costs by the end of 2023.

Reuters: A propaganda machine for the Deep state.

I don't believe this

BIDENFLATION Housing and auto crashing

Check the fall in hours worked. !

Adding jobs that pay small amounts while cost of living increases is a false way to pump up the economy.

Yea for part time job gains!!! 😬

yeah because people need 2-3 jobs to afford to live

Because people need two jobs to pay for stuff now

So, Lex Friedman if you ever read this. If there are 7 million men that have dropped out of the workforce, how come unemployment is at 3.5 %?

Lies...

StopHazaraGenocide LetAfghanistanGirlsLearn Stand with Hazara for justice. Hazara genocide and forced displacement of Hazara started 130 years ago and still running. It is time to stand with us.

DemsCreateJobsNotChaos

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