The December jobs report is out and the top-line quantity is … 223k jobs had been added. That’s robust sufficient to present The Federal Reserve the inexperienced gentle to boost charges.
However whereas it was an excellent jobs report, it exhibits the inflation tax in full view. Hourly wage development year-over-year (YoY) was 4.6% in December. Sadly, the inflation tax was 7.1% in November. If we assume that the inflation fee in December is similar, the REAL hourly wage development was -2.5% YoY.
However it’s seemingly that headline inflation cooled a bit in December as The Fed continues tightening. However except headline inflation cooled to 4.6% YoY, the inflation tax is constructive and harmful.
The typical weekly hours employed fell to 34.3 whereas U-3 unemployment fee fell.
Listed below are the remainder of the numbers.
