The US job market closed out 2024 in peak form. December boasted a strong jobs report, adding 256,000 jobs throughout the month. The surge in hiring resulted in a drop in the unemployment rate to 4.1%. Industries such as health care, retail, and hospitality led the increase in jobs.
Despite the positive news from the Department of Labor, the stock market dipped 1.6% at close in the aftermath of the report’s release as analysts had predicted a drop in interest rates which is unlikely to come amid a strong job market.
