US economy adds 216,000 jobs in December, far more than expected

Published

2 years ago

January 8, 2024

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US employers added 216,000 jobs in December, a surprisingly strong increase that fuels doubt as to when the Federal Reserve will begin cutting rates this year.

Last month’s payroll growth came in over November’s higher-than-expected 199,000 advance — and well ahead of the 170,000 economists expected, according to Refinitiv data.

The figure marks an average monthly payroll gain of 232,000 over the previous 12 months — a strong figure considering the economy was gripped with stubbornly high inflation and the highest borrowing rate Americans have seen in 22 years.

It reinforces the notion that the Feds not going to be in a rush to cut rates. former New York Fed President William Dudley told Bloomberg on Friday.

Dudley added that the economys doing pretty well and that May is more likely for the Fed to start cutting.

“Theyll need to see some signs that the economy is slowing,” Dudley said. “The wage trend for now is something that is likely concerning to policymakers.”

The Labor Department said employment continued to trend up in government, which saw the biggest gain of 52,000 in December — followed by health care, social assistance, and construction, the Labor Department said on Friday.

Only two industries lost jobs: transportation and warehousing, which dipped 23,000 last month.

The Labor Department’s data revised November’s payroll gains down by 26,000, while October’s figure was revised down by 45,000.

The Fed has lifted the benchmark federal funds rate to a 22-year high, between 5.25% and 5.5%, in hopes of tamping down inflation to its highly-coveted 2% target.

But at the minutes of its December meeting released Wednesday, Federal Reserve officials indicated that interest rates were at or near their peak when they voted to leave the rate unchanged last month but offered few clues as to when they might implement cuts.

Almost all participants indicated that a lower target range for the federal funds rate would be appropriate by the end of 2024, said the minutes, with a number of participants highlighting increased uncertainty about how long strict monetary policy would need to be maintained.

Data released by the Bureau of Labor Statistics on Friday also noted that the unemployment rate stayed the same, at 3.7%, a tick lower than the 3.8% rate Refinitiv economists also predicted.

Average hourly earnings — a key measure of inflation — increased 15 cents, or 0.4% for the month, to $34.27. Over the past 12 months, hourly earnings are up 4.1%.

The wage advance comes just after New York’s minimum-wage pay bump took effect, lifting the minimum wage in New York City, Long Island, and Westchester County $1, from $15 to $16.

In the remainder of New York State — which is one of 22 states getting minimum wage hikes in the new year — the new minimum wage is $15, up from $14.20.

A separate report released by the Labor Department on Tuesday showed that job openings unexpectedly slowed to 8.7 million at the end of November, the lowest level since March 2021.

The figure marks a decrease from the downward revised 9.3 million openings reported the previous month, a signal of shaky confidence in the job market.

Though the dip came out of the blue for economists, it backs up data recently released by American employment website Indeed, which found that as of Dec. 29, 2023, open positions on the site declined more than 15% from a year earlier.

Following the release of the latest Consumer Price Index in November — which tracks changes in the costs of everyday goods and services and showed that US inflation rose 3.1% — Fed chair Jerome Powell said the historic tightening of monetary policy is likely over.

Powell dovetailed the report with projections from all 19 policymakers that showed near unanimity that borrowing costs would fall in 2024 — as many as three times.

While Fed policymakers did not want to take another rate hike off the table, it is no longer the central banks base case, he said in remarks made in a press conference following the end of the central banks final policy meeting of 2023.

December’s CPI report is set to be released on Jan. 11.

Central bankers will decide on whether or not to keep interest rates steady, between 5.25% and 5.5%, following their next two-day meeting, which will conclude on Jan. 31.

Environment

Fiat launches beachy Topolino Vilebrequin as Stellantis ramps up EV production

Published

3 hours ago

July 20, 2025

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Fiat launches beachy Topolino Vilebrequin as Stellantis ramps up EV production

Fiat Celebrates the Advent of Summer With the Topolino Vilebrequin, an Easygoing Beach Car

The Fiat Topolino Vilebrequin is a new beach town cruiser that captures the elegance, glamour, and relaxed vibe of the French Riviera. More significantly, the updated EV also heralds Stellantis’ plans to double EV production at its Kenitra Assembly Plant in Morocco.

Closer to a Mercury Villager Nautica or Ford F-150 Harley-Davidson than a new model on its own, the new Topolino Vilebrequin features colors and fabrics inspired by the French surfwear brand, and is based on the Dolcevita version of Stellantis’ electric microcar. With its open sides, a soft rollback roof, and turtle-tastic fabric prints, it’s ready to whisk you off on a carefree summer adventure in France or Italy – which are, coincidentally, the only two markets the “collector’s edition” Vilebrequin Topolino is currently available in.

“This encounter between the Fiat Topolino and our iconic sea turtle gave rise to a high-quality, lower-impact, and perfectly whimsical design,” says Roland Herlory, CEO of Vilebrequin. “(It is) the definitive summer toy, and the perfect witness to sun-soaked memories still to come.”

Like the standard Topolino, the new Vilebrequin model remains electronically limited to a top speed of 45 kph (just under 30 mph), and is equipped with a 5.5 kWh battery pack that ensures up to 75 km (about 45 miles) of electric range. Prices start at €13,490 ($15,810), and if you don’t want one you’re dead inside.

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Fiat Topolino Vilebrequin

The Vilebrequin Topolino is just the latest version of Stellantis’ electric microcar platform that underpins the Citroën Ami, Opel Rocks-e, and Fiat Topolino. Annual production of the little EVs has grown from 20,000 units and is reportedly on track for 70,000 in 2025.

Now, Mopar Insiders is reporting that number is about to get even bigger. Stellantis’ Chief Operating Officer (COO) for the Middle East & Africa (MEA) region, Samir Cherfan, announced plans to more than double the production capacity at the company’s Kenitra Assembly Plant in Morocco, from some 230,000 vehicles per year to more than 530,000.

The factory was opened in 2019, and the planned €1.2 billion ($1.4B) expansion is expected to add around 3,100 new jobs to the factory’s employee roster.

SOURCE | IMAGES: Stellantis.

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Business

Lakeland-owner Hilco eyes swoop for stricken jeweller Claire’s

Published

5 hours ago

July 20, 2025

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Lakeland-owner Hilco eyes swoop for stricken jeweller Claire's

The prolific high street investor which owns Lakeland and has backed chains including HMV and Superdry is sizing up a takeover of the UK operations of Claire’s, the struggling jewellery chain.

Sky News understands that Hilco Capital, which was also one of the recent bidders for Poundland, is among the parties expected to submit offers for Claire’s in the coming weeks, according to banking sources.

Other parties expected to examine offers for Claire’s British chain, which trades from about 280 stores, would include Alteri Investors and Modella Capital, which recently bought WH Smith’s high street chain.

The Telegraph reported earlier this month that Claire’s had hired Interpath Advisory to find a buyer for the UK business as it explores options – including bankruptcy – for its US-based operations.

Prospective buyers of the business have been told that a sale of the British chain could lead to significant numbers of store closures.

One retail industry boss speculated that as many as a third of the UK shops could be axed in a deal to salvage the rest of the chain, potentially putting hundreds of jobs at risk.

Claire’s has been a fixture in British shopping centres and on high streets for decades.

Houlihan Lokey, the investment bank, is advising on the sale of the US arm.

Claire’s, which is reported to trade from 2,000 stores globally, is owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring.

Hilco could not be reached for comment on Sunday.

Politics

Embedding human rights into crypto isn’t optional, it’s foundational

Published

6 hours ago

July 20, 2025

admin

Embedding human rights into crypto isn’t optional, it’s foundational

Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it.