WASHINGTON—A strong December jobs report has likely driven a nail in the coffin of any January rate cut by the Federal Reserve.
The latest jobs report showed a drop in the unemployment rate to 4.1%, accompanied by a rise and acceleration in monthly net non-farm payroll gains of 256,000.
"The December jobs report highlights a stable labor market, with job gains exceeding expectations and a slight decline in the unemployment rate,” said Dawit Kebede, America's Credit Unions senior economist. “Employers added an average of 186,000 jobs per month last year, showcasing resilience after concerns of a summer slowdown. This consistent growth continues to support a strong economy. Stable labor market conditions enable credit union members to secure new loans and repay existing ones on time, maintaining healthy asset quality."