Kathryn Rooney Vera, chief market strategist at StoneX, talks about the importance of reducing federal spending on moneymaking.
The U.S. economy added jobs faster than expected in December, as Federal Reserve policymakers watch the strength of the labor market ahead of a meeting later this month.
The Labor Department reported Friday that employers added 256,000 jobs in December, well above expectations from LSEG economists.
The unemployment rate was 4.1%, slightly lower than economists expected.
Both job numbers added in the past two months have been revised, with job creation increasing by 7,000 in October, from an increase of 36,000 to 43,000. On the other hand, the number for November was revised downward by 15,000, from an increase of 227,000 to 212,000. In total, 8,000 fewer jobs were created in the past two months than previously reported.
Private sector payrolls rose by 223,000 in December, well above the 135,000 expected by LSEG economists.
Manufacturing employment fell by 13,000 jobs in December, a surprise decline from economists who had expected a gain of 5,000 jobs.
Wage growth was largely in line with expectations, with average earnings increasing by 0.3% on a monthly basis and 3.9% year-on-year.
The healthcare sector added 46,000 jobs in December, with gains focused on home health services (up 15,000), nursing and residential care facilities (up 14,000), and hospitals (up 12,000). I did. Healthcare added an average of 57,000 jobs per month in 2024, which was the same as the monthly average in 2023.
The retail sector added 43,000 jobs in December after losing 29,000 jobs in November. Last month’s gains were concentrated in clothing, footwear, and jewelry retailers (+23,000), general merchandise (+13,000), and health and personal care (+7,000). Retailers lost jobs in building materials and garden supplies (-11,000).
The government added 33,000 jobs in December, slightly below the 2024 monthly average of 37,000. Last year, government employment growth was slower than in 2023, when it added an average of 59,000 people per month.
Social assistance employment increased by 23,000 jobs last month, mostly in personal and family services (+17,000 jobs). The sector added an average of 18,000 jobs per month in 2024, slightly below the 2023 average of 23,000.
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