U.S. job growth accelerated in December, before the rapid spread of the new omicron coronavirus variant cast a fresh threat over the economy and its recovery from the pandemic.
U.S. job growth faltered in December, just before the rapid spread of the new omicronThe Labor Department said in its monthly payroll report released Friday that payrolls in December rose by 199,000, sharply missing the 400,000 jobs forecast by Refinitiv economists. The unemployment rate, which is calculated based on a separate survey, dropped to 3.9% from 4.2% — the lowest level since the pandemic began.
Rising virus cases also pose a new risk to the labor market in 2022: The December report only includes data from the first half of the month, before a stunning rise in cases driven by the highly transmissible omicron variant. The U.S. is now reporting a seven-day moving average of more than 540,000 cases.
While it's still unclear what the fast-spreading variant will ultimately mean for the health of the economy, its effects on daily life have already been felt: Thousands of flights have been canceled, Broadway shows are shuttering their doors and a growing number of schools have postponed their reopenings.
The Federal Reserve has been closely tracking the jobs data as it balances its withdrawal of pandemic support for the economy with its dual mandate of stabilizing prices and working toward maximum employment. Hawkish minutes released this week from the Fed's Dec. 14-15 meeting suggest that policymakers are prepared to accelerate the normalization of policy in order to combat the hottest inflation in nearly four decades, including raising interest rates and running down their $8.
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