The December jobs report is out and the top-line quantity is … 223k jobs have been added. That’s robust sufficient to provide The Federal Reserve the inexperienced gentle to lift charges.
However whereas it was a very good jobs report, it reveals the inflation tax in full view. Hourly wage progress year-over-year (YoY) was 4.6% in December. Sadly, the inflation tax was 7.1% in November. If we assume that the inflation price in December is similar, the REAL hourly wage progress was -2.5% YoY.
However it’s probably that headline inflation cooled a bit in December as The Fed continues tightening. However until headline inflation cooled to 4.6% YoY, the inflation tax is constructive and damaging.
The typical weekly hours employed fell to 34.3 whereas U-3 unemployment price fell.
Listed here are the remainder of the numbers.
