US added 216,000 jobs in December, blowing past expectations

The U.S. added 216,000 jobs and the unemployment rate held steady at 3.7 percent in December, according to new data released Friday by the Bureau of Labor Statistics, closing the books on a year of remarkable economic resilience. The jobs report bookends a surprisingly strong year that largely that interest rate hikes intended to bring down inflation would trigger a recession and drive more people out of work.

The December jobs gain beat expectations from economists, who projected the US to add roughly 170,000 jobs last month, according to consensus estimates. December also extended the longest stretch the unemployment rate has been below 4 percent since the mid 1960s. The first jobs report of 2024 comes as President Biden attempts to sway public opinon on the economy with less than a year to make this pitch for another term.

Despite the strength of the labor market, Biden has struggled to sell voters on the his handling of the economy after two years of high inflation..