Private Sector Job Growth Continues in December; Wages and Leisure Hiring Up As Manufacturing Slows
- Private sector gained 164,000 jobs in December, the 4th straight month of job growth
- Wages were up 5.4% from last year, reducing risk of wage-price spiral
- Leisure/hospitality saw big hiring bumps, recovering pandemic losses
- Manufacturers struggled as construction hiring remained strong
- Jobs report will influence Fed interest rate decisions and 2024 presidential race