The December jobs report is out and the top-line quantity is … 223k jobs have been added. That’s robust sufficient to offer The Federal Reserve the inexperienced gentle to boost charges.
However whereas it was a great 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 identical, the REAL hourly wage development was -2.5% YoY.
However it’s doubtless 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.
