PREVIEW

Earnings and New Jobs Increased More Than Expected in December. On January 5, the Labor Department released a report showing that America's job market closed 2023 with a greater-than-expected pace of hiring. CNBC reports that the December jobs report showed that employers added 216,000 positions for the month. Over the same time, the unemployment rate remained at 3.7%. Payroll growth showed a considerable increase next to November's downwardly revised 173,000. Previously, economists predicted payrolls to increase by 170,000, while the unemployment rate was expected to inch higher to 3.8%. CNBC reports that a more comprehensive assessment that includes discouraged workers and those with part-time jobs increased to 7.1%. The higher unemployment rate comes after a household survey, used to determine the actual unemployment rate, showed a drop in job holders of 683,000. At the same time, the overall labor force participation rate fell to 62.5%, reaching its lowest since February and down 676,000 month-over-month. According to the latest Labor Report, job gains in 2023 were at 2.7 million, with a monthly average of 225,000. CNBC reports that markets reacted negatively to the latest Labor Department report, sending stock market futures down and Treasury yields higher. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT