Economists estimate payroll growth cooled, unemployment rate ticked up to end 2023

  • December employment report shows continued cooling of labor market
  • Economists estimate 170,000 jobs added in December
  • Unemployment rate ticked up to 3.8% from 3.7%
  • Annual job gain set to slow for second straight year in 2023
  • Tight labor market conditions showing signs of waning

The December employment report reveals a continued cooling of the labor market, with economists estimating the addition of 170,000 jobs. This marks a pullback from November’s gain of 199,000 jobs, which was boosted by the return of striking auto workers. The unemployment rate also ticked up to 3.8% from 3.7%. Furthermore, the annual job gain is expected to slow for the second consecutive year in 2023, although it remains above pre-pandemic levels. Despite signs of waning labor market conditions, such as fewer open positions and lower job quitting rates, unemployment and layoffs remain low, indicating solid demand for workers.

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Factuality Level: 7
Justification: The article provides information on the estimated number of jobs added in December and the unemployment rate, which are based on economists’ estimates. It also mentions the annual job gain and the trend of the labor market. However, there is no direct source cited for the information, and some statements are presented as estimates rather than confirmed facts.

Noise Level: 4
Justification: The article provides some relevant information about the December employment report and the state of the labor market. However, it lacks in-depth analysis and fails to provide evidence or data to support its claims. It also does not offer any actionable insights or solutions for employers in the leisure and hospitality industry. Overall, the article contains some noise and filler content, but it stays on topic and provides basic information.

Financial Relevance: Yes
Financial Markets Impacted: Leisure and hospitality industry

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the December employment report and the labor market conditions, which are relevant to financial topics.

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