(Bloomberg) — The US labor market probably remained sturdy while wage gains continued to ease as 2023 drew to a close, setting up for steady economic growth and waning inflation in the coming year.
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Government data on Friday are projected to show payrolls in the world’s largest economy increased by 170,000 in December. That would cap a year in which some 2.7 million jobs were added.
The median forecast in a Bloomberg survey of economists also calls for a 3.9% increase in average hourly earnings from a year earlier, the smallest annual gain since mid-2021. The unemployment rate is projected to tick up to 3.8%.
While the pace of hiring is moderating, a resilient labor market supports views that the economy will continue to expand in 2024, albeit at a slower rate. That’s consistent with the Federal Reserve’s latest economic projections. Fed officials also see…
