The week has been a rollercoaster ride for the U.S. economy. From a slowdown in private sector job growth to rising inflation concerns at the Federal Reserve, the economic landscape has been anything but predictable. Let’s dive into the top stories that shaped the week.
Private Sector Job Growth Slows Down
The U.S. private sector added 122,000 jobs in December, a significant drop from November’s 146,000, according to a report by Automatic Data Processing Inc. The manufacturing sector saw a contraction in employment for the third consecutive month, indicating a potential slowdown in the labor market.
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Federal Reserve Expresses Inflation Concerns
The Federal Reserve’s December meeting was dominated by concerns over persistent inflation and potential policy shifts under the new White House administration. Policymakers were divided on the pace of future rate adjustments, with the Fed cutting rates by 25 basis points, bringing the federal funds rate to 4.25%-4.5%.
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Strong Job Growth in December
The U.S. labor market ended 2024 on a high note, adding 256,000 jobs in December, surpassing economist forecasts. The Bureau of Labor Statistics reported that this marked the strongest employment growth since March 2024.
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Mortgage Rates Hit Six-Month High
The new year started on a sour note for prospective U.S. homebuyers as mortgage rates surged to their highest level in six months. The average interest rate on 30-year fixed-rate mortgages with conforming loan balances of $766,550 or less climbed to 6.97%, according to data from the Mortgage Bankers Association.
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Dollar Hits 14-Month High Amid Tariff Speculation
The U.S. dollar extended its rally to a 14-month high amid speculation that President-elect Donald Trump is considering invoking sweeping emergency powers to implement new tariffs. This move could potentially fuel inflation and policy uncertainty.
Read the full article here.
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Photo courtesy: Shutterstock
This story was generated using Benzinga Neuro and edited by Ananya Gairola
