Stronger Than Expected Private Sector Hiring Raises Fears of Renewed Inflation

[mystery-ak]

Stronger Than Expected Private Sector Hiring Raises Fears of Renewed Inflation


John Carney 4 Jan 2024

Businesses in the U.S. went on a hiring spree in December, data from the ADP Research Institute said Thursday, challenging the popular outlook that a cooling labor market will allow the Federal Reserve to cut interest rates in the first quarter of this year.

The ADP report said private payrolls grew by 164,000 workers last month, the biggest rise since August. The prior month’s estimate was revised down to 101,000 from 103,000.

Analysts had been expecting a much smaller uptick to 115,000. The results exceeded the top end of the range of estimates by 34,000, suggesting hiring was much more robust than expected.

The growth in hiring was led by the services sector. Leisure and hospitality and education and health care led the growth. Manufacturing jobs contracted for a fourth straight month.

Construction added 24,000 jobs, a strong showing for a sector thought to be one of the most interest rate-sensitive parts of the economy. Financial activities and professional and business services also added workers.

https://www.breitbart.com/economy/2024/01/04/adp-jobs-december-2023/

[mystery-ak]

Applications for jobless benefits fall again as job market continues to show strength

The number of Americans applying for unemployment benefits fell last week as the labor market continues to show resilience despite elevated interest rates
ByMATT OTT AP business writer
January 4, 2024, 7:42 AM

The number of Americans applying for unemployment benefits fell last week as the labor market continues to show resilience despite elevated interest rates.

Jobless claims fell to 202,000 for the week ending Dec. 30, down by 18,000 from the previous week, the Labor Department reported Thursday. The four-week average of claims, which evens out some of the week-to-week volatility, fell by 4,750 to 207,750.

Overall, 1.86 million Americans were collecting jobless benefits during the week that ended Dec. 23, a decrease of 31,000 from the previous week and the fewest in two months.

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https://abcnews.go.com/Business/wireStory/us-applications-unemployment-benefits-fall-job-market-continues-106098888