US Jobs Report: Strong Gains in December Despite Rising Rates

Washington, Jan 5 (AP) The nation's employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.

Friday's report from the Labour Department showed that December's job gain exceeded the 173,000 that were added in November. The unemployment rate was unchanged at 3.7 per cent — the 23rd straight month that joblessness has remained below 4 per cent.

The latest data reflect an economy and a job market that are decelerating back to pre-pandemic norms.

Despite the economy's steady growth, low unemployment, healthy hiring and cooling inflation, though, polls show that many Americans are dissatisfied with the economy. That disconnect, which will likely be an issue in the 2024 elections, has puzzled economists and political analysts.

A key factor, though, is the public's exasperation with higher prices. Though inflation has been falling more or less steadily for a year and a half, prices are still 17% higher than they were before the inflation surge began.