'Stronger than expected' US jobs market shakes faith in imminent rates cuts

216,000 new jobs

clock • 1 min read

US total nonfarm payroll employment increased by an unexpected 216,000 in December 2023, according to data from the Bureau of Labor Statistics, which has raised questions over market expectations of imminent cuts to interest rates.

The figures also revealed that unemployment held at 3.7 percent in December, representing 6.3 million people. The BLS noted that employment continued to trend up in government, health care, social assistance and construction, while transportation and warehousing saw dwindling total jobs. US economy beats expectations with 199,000 jobs added in November Neil Birrell, chief investment officer at Premier Miton Investors, said: "The US employment market is stronger than expected. It has been propped up by job openings in the healthcare, leisure and hospitality sectors, but it will be t...

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