U.S. Job Growth Slows but Remains Steady as Employers Add 164K Jobs in December
• Businesses added 164,000 new jobs in December, exceeding expectations. Hiring continues but has slowed down overall.
• Most new jobs were in restaurants, hotels, healthcare, education, and construction. Manufacturing employment fell.
• Workers staying in the same job saw 5.4% pay increases over the past year. Pay hikes for job switchers slipped to 8%.
• Job openings have dropped to nearly a 3-year low, but unemployment remains very low.
• Continued consumer spending and economic strength suggests the U.S. may avoid recession despite high interest rates.