America’s employers added a solid 223,000 jobs in December, evidence that the economy remains healthy even as the Federal Reserve is rapidly raising interest rates to try to slow economic growth and the pace of hiring.
WASHINGTON — America’s employers added a solid 223,000 jobs in December, evidence that the economy remains healthy even as the Federal Reserve is With companies continuing to add jobs across the economy, the unemployment rate fell from 3.6% to 3.5%, matching a 53-year low, the Labor Department said Friday.
“If these trends continue, we can feel more and more confident that the strength of this labor market is sustainable,” said Nick Bunker, head of economic research at the online job site Indeed’s Hiring Lab. “The outlook for next year is uncertain, but many signs point toward a soft landing,” rather than a feared recession. Stock prices rose sharply.
For now at least, the pace of hiring is showing surprising resilience in the face of higher interest rates across the economy. One recent beneficiary is Ethan Edwards of Oklahoma City, who accepted a job offer last month after having looked around for nearly a year. Retailers added 9,000, transportation and warehousing companies nearly 5,000. Construction companies added 28,000 — a surprisingly large gain considering that higher borrowing rates are dragging down Many of those jobs were part-time positions. That trend suggests that as inflation began to accelerate, some people took on second jobs to help keep up with rising costs.
“”It’s a good time to be a worker in America,” Biden said in a statement. “We still have work to do to bring down inflation.”
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