The economy is expected to have added 200,000 jobs in December, less than November, but still strong enough to keep the Fed aggressively fighting inflation.
Economists surveyed by Dow Jones expect that the labor market grew by 200,000 payrolls in December, slower than the 263,000 jobs added in November."The job market is slowing steadily, but surely. It's not enough. The Fed, I think, would love to see job gains south of 100,000, closer to zero, to get unemployment moving north and wages moving south," said one economist.
"I still think we're in for a solid number on Friday. I don't think things have slowed all that much," said Michael Gapen, chief U.S. economist at Bank of America. "Right now the underlying economy is where we're looking for evidence to suggest whether the slowdown has broadened beyond housing and nonresidential construction investment," he said. "The next likely place should be the goods side of the economy."
Aneta Markowska, chief financial economist at Jefferies, expects 175,000 jobs were added, but she is most concerned about the continued pressure on wages. She agrees with the consensus that wages grew in December by 0.4%, or 5% year over year, but says that number could jump to as high as 0.7% on a monthly basis in January, as companies implement raises.
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