Amid consecutive federal rate hikes and rising recession odds, broader markets have witnessed substantial losses in 2022. The S&P 500 has lost 16.1% year-to-date, while the Dow Jones Industrial Average has lost 6.6%.
However, the U.S. job market remains resilient enough. Nonfarm payrolls increased by 263,000 in November, surpassing consensus estimates of 200,000. Mizuho economists Alex Pelle and Steven Ricchiuto said, "It suggests that the economy is resilient and can handle more rate hikes and restrictive policy for longer."
