U.S. employers dramatically stepped up their hiring in December, adding 312,000 jobs in an encouraging display of strength for an economy in the midst of a trade war, slowing global growth and a partial shutdown of the federal government.
The jolt in hiring offers a dose of reassurance after a tumultuous few months as the outlook from the financial markets has turned decidedly bleaker. Job growth at this pace is a sign that the economy will continue to expand for a 10th straight year, even if overall growth slows somewhat because of the waning stimulus from President Donald Trump's tax cuts.
Despite the good economic news, the government is about to enter its third week of a partial shutdown, with negotiations stalled over President Donald Trump's insistence that Democrats agree on funding for a wall along the border with Mexico. And attacks by Trump on the Federal Reserve over its rate increases have raised doubts about Chairman Jay Powell's status - a concern for both the markets and the economy.
With files from the Associated Press
Sean T. Walsh, Republican political analyst and partner at Wilson Walsh Consulting in San Francisco; he is a former adviser to California Governors Pete Wilson and Arnold Schwarzenegger and a former White House staffer for Presidents Reagan and H.W. Bush