US job market beats expectations in latest report before Trump takes back the White House | US Unemployment and Employment Data

The U.S. job market rose sharply in the Biden administration's latest jobs report, according to new data released Friday.

The number of new jobs added to the economy accelerated to 256,000 in December from 227,000 in November, beating expectations. Last month, the job market was supported by new jobs in the health care, retail and government sectors.

As his administration's final jobs report, it's a blowout for Joe Biden, who has struggled to rally support around his economic agenda despite the economy strengthening after the pandemic.

In a statement, the US president welcomed the new data and said his administration had created 16.6 million jobs during his presidency.

Even though I inherited the worst economic crisis in decades with an unemployment rate above 6% when I took office, we have had the lowest average unemployment rate of any administration in 50 years, with an unemployment rate of 4.1% when I left, he said.

U.S. stocks fell Friday morning as a surprisingly strong rise in employment signaled to Wall Street that the Federal Reserve was unlikely to cut rates later this month.

Other data released last week highlighted the strength of the job market. The Job Openings and Labor Turnover Survey (Jolts) showed that job openings exceeded 8 million in November, beating expectations. Another report from outsourcing firm Challenger, Gray & Christmas noted a 33% decrease in layoffs at private companies in December, from around 57,000 layoffs in November to 38,000 layoffs in December.

Although the Fed lowered interest rates to 4.25%-4.5%, a point below where they were before September, economists once worried about the impact that interest rates would high interest could have on unemployment. But the unemployment rate in December remained relatively unchanged from November, rising slightly to 4.1% in November. Even though the unemployment rate stood at 3.7% at the start of the year, it still remains at a relatively low level.

The Fed is working to bring inflation down to 2%, although inflation has hovered around 2.5% in recent months.

Economists are awaiting Donald Trump's return to the White House to see what impact his policies will have on the economy. Wall Street was at the peak of a rally at the end of the year, with the S&P 500 rising a total of 23.3% in 2024.

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But the president-elect has promised to implement economic measures that experts say could lead to higher inflation, including tariffs on imports. Trump also promised to carry out a large-scale deportation operation, which could also weigh on the country's economy.

Minutes from the last meeting of the Federal Open Market Committee (FOMC), at which interest rates are set, show that some officials were concerned in December about the inflationary impacts of new trade and financial policies. immigration which could be implemented in the coming months.

Almost all board members believed that upside risks to the inflation outlook had increased due to fluctuations in the inflation rate in recent months and the likely effects of potential changes in policy trade and immigration.

The next meeting of the Federal Reserve Board will take place on January 30-31, just days after Trump's inauguration. Economists widely expect the FOMC to hold rates steady during the meeting.

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