BLOOMBERG GOVERNMENT: U.S. Jobless Rate Falls as Wages Jump, Adding Pressure on Fed

By Brianna Jackson | January 7, 2022

‘The U.S. unemployment rate fell below 4% and wages jumped last month, adding to evidence of a tight labor market that’s expected to help spur Federal Reserve interest-rate liftoff as soon as March despite disappointing payroll growth. The jobless rate dropped to 3.9% and monthly wage growth accelerated in December, a Labor Department report showed Friday. A 199,000 increase in nonfarm payrolls followed upward revisions in the prior two months, and the labor force participation rate was unchanged....’

‘Joint Economic Committee Chair Don Beyer (D-Va.) said the Biden administration is “getting the economy back on track,” following Friday’s job numbers. “Our nation is strongest when we invest in the workers and families that are the foundation of our economy,” Beyer said in a statement. “As we look ahead to 2022, Congress must pass the Build Back Better Act and remain steadfast in our commitment to advance policies that promote shared prosperity and sustained growth.”’

Read the full article from Bloomberg Government HERE.