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MNI BRIEF: US Dec Hiring, Wage Growth Beat Expectations


U.S. employers added 216,000 jobs in the last month of 2023, significantly above the 171,000 median analyst expectation, and average hourly earnings growth also beat expectations by a tenth at 0.4%, bringing the 12-month rate to 4.1%, a tenth higher than the previous month. The unemployment rate also held at 3.7% versus expectations for 3.8%.

The stronger than expected labor market data adds weight to a point made by some Federal Reserve officials that data could warrant keeping benchmark interest rates at their current levels for longer than investors currently anticipate. (See: MNI INTERVIEW: Bullard Says March Is Too Early For Fed To Cut)

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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