December jobs report: 223,000 payrolls added, unemployment rate at 3.5%

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The US added 223,000 jobs in December, another sign there's no recession yet

"The reason we're not in a recession is that the labor market still is performing very well in the US economy," Ken Kim, a senior economist at KPMG, told Insider."So people are still finding jobs and getting a paycheck and spending it on goods and services."

Other economic data outside of labor market figures, like consumer spending, also suggest the US isn't in a recession.Job Openings and Labor Turnover Survey . According to the new data, there were 10.5 million job openings in the US in November, similar to October's revised number of openings. And the preliminary layoff rate for November showed the rate was 0.9% for the third straight month, near the historic low. And people were still leaving jobs in high numbers, with over 4 million quits.earlier this week that the"labor market remains on fire.

"A labor market this strong means an imminent recession is highly improbable," Bunker wrote."This year will pose many challenges for the US economy, but the labor market looks set to enter with considerable strength."Sign up for notifications from Insider! Stay up to date with what you want to know.

Source: News Formal (newsformal.com)

 

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Economists surveyed? Send the”economists surveyed this. Amazon’s planned layoffs will exceed initial reports, hitting over 18,000 workers in the coming weeks. It is the largest in a recent wave of cutbacks at major tech companies. WSJWhatsNow

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All it means is that there are still a lot of people getting government support. It does not say anything about a recession.

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