Wages increased 0.4% in December compared to the previous month, the Department of Labor indicated. These solid figures are released at a time when the Federal Reserve’s decision to raise interest rates is having the intended effects of reducing demand and inflation.
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The US labor market was again much stronger than expected in December, with the creation of 216,000 jobs, compared to 173,000 in November, according to figures published on Friday by the Department of Labor.
This figure is well above the 162,000 job creations expected by analysts, according to the briefing.com consensus. The unemployment rate remains unchanged at 3.7%, a historically low level, despite forecasts that anticipated a slight rebound.
These solid figures are released at a time when the Federal Reserve’s (Fed, central bank) decision to raise interest rates is having the intended effects of reducing demand and inflation.
Wages increased 0.4% in December compared to the previous month, the Department of Labor indicated. Compared to the same period last year, the average hourly wage grew 4.1%.
Among the sectors in which employment is increasing are public administration, health, social assistance and construction. Instead, there were job losses in transportation.
In 2023, although sectors such as manufacturing and housing were hit hard by rising interest rates, a resilient labor market helped support consumption and the broader economy.
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Source: Larepublica
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