US job growth significantly exceeded market expectations in December, indicating a robust labor market ahead of President-elect Donald Trump's inauguration. The unemployment rate also fell, marking a strong end to 2024 for the jobs market. This positive economic data comes despite Trump's campaign rhetoric that painted the economy as a disaster.
WASHINGTON, D.C. — US job gains soared past expectations in December, according to government data released on Friday, in a sign the labor market remains healthy shortly before President-elect Donald Trump's inauguration this month.This indicates he is set to inherit an economy in relatively good shape, despite running an election campaign in which he painted its condition as a disaster.
He has pledged to cut taxes, raise tariffs on imports and deport undocumented immigrants many of whom make up a significant part of the US labor force in sectors such as agriculture.Interest rates steady?'This is a good report, but not a blockbuster one as it seems at first glance,' said Robert Frick, corporate economist at the Navy Federal Credit Union.'A big chunk of the headline number is from post-hurricane recovery, and the range of hiring remains narrow,' he noted.
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