A “Help Wanted” sign hangs in restaurant window in Medford
A Help Wanted sign hangs in a restaurant window. Reuters

The U.S. economy continues to add jobs at a torrid pace.

The Bureau of Labor Statistics released its final jobs report for 2024 on Friday morning showing the economy added 256,000 jobs in December.

Economists had expected around 153,000 jobs added for the month, with the unemployment rate holding steady at 4.2%.

The unemployment rate actually dropped to 4.1%

The strong numbers put future Fed rate cuts in jeopardy as the economy remains growing.

Bond raises rose after the jobs numbers were released. The 30 Year Treasury yield rose to 4.990% and the 10 Year Treasury yield jumped to 4.780%. That is expected to bring higher mortgage rates.

The US Dollar's value shot up Friday morning and stock futures dropped after the report was released. The Dow Jones Industrial average was set to open down more than 300 points.

At the Federal Reserve's December meeting, officials noted an "ongoing gradual easing in labor market" conditions, but saw "no signs of rapid deterioration," according to minutes released Wednesday.

Friday's report showed that the labor market is much stronger than the Fed anticipated.

Economists have previously raised concerns that policies like high tariffs, mass deportations, and cuts to government programs could lead to higher inflation moving forward.

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