The labor market capped off 2023 with another strong showing despite the Federal Reserve’s campaign to tame inflation with interest rate hikes. Employers added 216,000 jobs last month compared to 173,000 in November, the Bureau of Labor Statistics reported Friday—a figure that far exceeded Wall Street’s consensus forecast.
The Biden administration was quick to celebrate the robust jobs report after years of Wall Street experts predicting an imminent recession. “It's been a strong labor market, and we're glad to see it end the year on a strong note,” Jared Bernstein, chair of the Council of Economic Advisers, told Fortune in a phone interview Friday.
