"December Jobs Surge Shocks Wall Street Amid Global Shipping Woes"
Originally Published 2 years ago — by CNBC
Despite a strong December jobs report with 216,000 jobs added and a steady unemployment rate of 3.7%, global shipping delays due to Houthi rebel attacks in the Red Sea are posing a threat to the U.S. economy's momentum. Major shipping companies like Maersk are diverting from the Suez Canal, impacting over $200 billion in trade. The Biden administration is monitoring the situation closely, as past supply chain disruptions have had significant economic consequences. While energy costs have not been heavily impacted, the potential effects on global manufacturing and consumer goods remain a concern.