The December jobs report outperformed even the already optimistic estimates of 170,000 in job growth for the month of December.
The actual number for job growth was 216,000 and unemployment was at 3.7% while earnings also rose more than expected. The report was not all positive as those that work multiple jobs grew to 222,000 showing job dissatisfaction.
However, 2023 closed out with 2.7 million in job growth for the United States. For long term treasury yields at the end of the week, this meant a tick up in returns as inflation pressure is still seen in the labor market analysis. A rate cut from the Federal Reserve in March seems unlikely with many analysts now skeptical that one will come before the second half of 2024. Job growth seems resilient.
Even republicans now are acknowledging the health of the United States economy, turning to issues such as immigration and foreign policy as a rallying cry for change in an election year, but the health of the economy will likely determine the next President.
- CFPB Proposed Overdraft Rule: Risk and Compliance Considerations
- Capital One’s $35 Billion Bid to Aquire Discover Financial and What It Means
- ABA Concerned Over Potential Changes to Bank Liquidity Rules
- Consumers Become More Optimistic About Financial Conditions
- Fed Must Withdraw Amendments to Regulation II, Says ABA-led Alliance