The U.S. added 223,000 new jobs in December, outpacing the estimated 200,000, as the unemployment rate fell to 3.5 percent, according to a Jan. 6 report from CNBC.
Wage growth was less than expected in December, showing that inflation could be slowing down. Wages rose 0.3 percent in December, which is up 4.6 percent from a year ago, but still below the 5 percent estimate.
The healthcare sector added 55,000 jobs in December. The stock market also rallied during the month.
Economists warn that the U.S. will likely experience at least a shallow recession during 2023.