U.S. Job Growth Surges, Raising Inflation and Interest Rate Concerns
The December jobs report shows unexpected strength in the labor market, complicating Federal Reserve rate cut expectations and unsettling financial markets.
- The U.S. added 256,000 jobs in December, significantly exceeding forecasts of 160,000, marking the strongest monthly growth since March 2024.
- The unemployment rate dropped to 4.1% from 4.2%, reflecting continued resilience in the labor market as 2024 concluded.
- The robust jobs report has led investors to push back expectations for Federal Reserve rate cuts, with the first cut now anticipated no earlier than June 2025.
- Major stock indices, including the Dow, S&P 500, and Nasdaq, fell sharply as fears of prolonged high-interest rates and inflation dampened market sentiment.
- Treasury yields surged, with the 10-year yield nearing 4.8%, raising concerns about potential economic tightening and its impact on broader markets.
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