Catherine Rooney Vera, chief market strategist at StoneX, discusses the importance of reducing federal spending in generating revenue.
The U.S. economy added jobs faster than expected in December as Federal Reserve policymakers keep a close tab on the strength of the labor market ahead of their meeting later this month.
The Labor Department said on Friday that employers added 256,000 jobs in December, which was more than LSEG economists estimated.
The unemployment rate came in at 4.1%, slightly lower than economists had expected.
The number of jobs added in the previous two months were both revised up, with October job creation revised up by 7,000 to 43,000 from 36,000; while November was revised by 15,000 to 212,000 from a gain of 227,000. Taken together, the two months produced 8,000 fewer jobs than previously reported.
Private sector payrolls added 223,000 jobs in December, well above the 135,000 forecast by LSEG economists.
Manufacturing employment fell by 13,000 in December, a surprise decline when economists had estimated a gain of 5,000 jobs.
This is a developing story. Please check back for updates.