US Economy Added 223,000 Jobs In December

On Friday, Wall Street indices began to rise after the December labor market data revealed that US job growth had slowed again.

Furthermore, the statistics revealed that wage gains were less, encouraging expectations that the Fed’s efforts to combat inflation by hiking interest rates are having an impact.

In this environment, the Dow Jones Industrial Average is up 320 points, or 0.98%, to 33,251 points, the S&P 500 is up 0.94% to 3,843 points, and the Nasdaq is up 0.72% to 10,379 units.

More precisely, the US economy added 223,000 jobs in December, a decrease from the 256,000 jobs gained in November but a significant decrease from the 714,000 jobs added in February.

Most economists predicted a 200,000-job rise in their forecasts. Wage growth in December was 0.3%, down from 0.4% the previous month.

Related: Wall Street is attempting to “rebound” before the end of 2022, as indices increase sharply.

However, the Bureau of Labor Statistics reported that the jobless rate unexpectedly decreased to 3.5%, reverting to an all-time low.

“All investors worry about is proof that inflation is going toward the Fed’s objective,” State Street Global Advisors’ chief investment strategist Michael Arone told CNBC.

“That’s all that matters to investors, and average hourly wages suggest that inflation is still dropping. “They’re really enthused about it,” he continued.

Tesla shares are down 4% on the day, after plunging 5.6% earlier, to their lowest level in roughly two years. Bed Bath & Beyond’s stock falls more than 17%, while World Wrestling Entertainment’s stock rises over 17%.

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