Job growth was much stronger than expected in December, likely providing the Federal Reserve less incentive to cut interest rates this year.
Nonfarm payrolls surged by 256,000 for the month, up from 212,000 in November and above the 155,000 forecast from the Dow Jones consensus, the Bureau of Labor Statistics reported Friday, Jan. 10. Unemployment fell to 4.1%, one-tenth of a point below expectations.
The report brings to a close a year in which employment grew each month, though inconsistently and at times raising questions over whether a recession loomed. See more statistics.