US Employers Hire More Employees in December - Report

US Employers Hire More Employees in December – Report

U.S. employers hired more workers than expected in December 2023, amid widespread speculation that the Federal Reserve will begin lowering interest rates in the first quarter of 2024.

This is according to an employment report released by the Department of Labor over the weekend.

Earlier, the U.S. jobs report said the economy added 71,000 fewer jobs in October and November than previously reported.

Meanwhile, 676,000 people left the labor force, leaving the unemployment rate at 3.7% last month.

Household employment fell significantly and weekly working hours were on average slightly shorter than in November.

Nevertheless, the report suggested that the economy is likely to continue growing through 2024 as it avoids last year's recession and labor market resilience supports consumer spending.

“However, continued labor market resilience and strong wage growth could mean the Fed will remain on the sidelines for longer than markets currently expect.

The Department of Labor's Bureau of Labor Statistics announced, “Nonfarm employment increased by 216,000 people last month.''

Meanwhile, DAILY POST reported that the unemployment rate in Nigeria, Africa's largest economy, rose by 0.1 percentage points to 4.2% in the second quarter of 2023 from 4.1% in the first quarter of 2023.

Nigeria unemployment rate rises to 4.2% in Q2 2023 – NBS


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