"December Sees Surpassing Growth with 164,000 New Private Sector Jobs, Exceeds Forecasts"
The U.S. private sector saw a significant increase in job creation in December, with private payrolls adding 164,000 jobs, surpassing the Dow Jones estimate of 130,000. The leisure and hospitality sector led the growth, followed by contributions from construction and other services. Despite a few sectors experiencing declines, the overall job market showed resilience, with smaller companies and the Western region of the U.S. seeing notable job additions. Wage growth has slowed, reducing concerns of a wage-price inflation spiral. This data comes ahead of the Labor Department's nonfarm payrolls report and provides insight into the labor market's recovery and balance, which is closely monitored by the Federal Reserve in relation to inflation.