US job market soars past expectations in last report before Trump retakes White House

Hendersonville: The US job market is looking pretty strong, especially with the latest report coming out just before Trump takes the White House again. The numbers show that 256,000 new jobs were added in December, which is a nice jump from November’s 227,000. It seems like healthcare, retail, and government sectors are really driving this growth.

This last report is a big win for Biden, who had a tough time getting people on board with his economic plans, even though the economy has been getting better post-pandemic. Other reports also show that job openings are up, with over 8 million available in November, and layoffs dropped significantly in December.

Even though the Federal Reserve lowered interest rates recently, there were worries about how high rates might affect unemployment. But the unemployment rate stayed pretty steady at around 4.1%, which is still low compared to earlier in the year.

Now, everyone’s curious about how Trump’s return will shake things up. Wall Street ended the year on a high note, with the S&P 500 climbing 23.3% in 2024. However, Trump’s plans, like tariffs and a big deportation operation, could stir the pot and possibly lead to higher inflation.

The Fed is keeping a close eye on these developments, especially since their next meeting is right after Trump’s inauguration. They’re expected to keep interest rates steady for now, but there’s a lot of chatter about how new trade and immigration policies might affect inflation in the coming months.