The U.S. labor market cooled substantially in 2024, as employers sharply curtailed hiring and workers faced increasing difficulty finding jobs, although there are no signs of a recession.

The Labor Department released its jobs report for December which showed the U.S. economy added 256,000 jobs last month, well above economists' expectations.

U.S. hiring picked up unexpectedly in December as employers added 256,000 jobs, another sign of the economy’s resilience in the face of high interest rates.

Canada's economy added nearly quadruple the number of jobs forecasted for December and the unemployment rate surprisingly ticked down to 6.7%, data showed on Friday, giving the central bank breathing room to determine the pace of further rate cuts.

The U.S. economy added 256,000 jobs in the final month of 2024, while the unemployment rate ticked down to 4.1%, the Labor Department said on Friday. Why it matters: Hiring unexpectedly roared in December,