The daily business briefing: January 5, 2024

Jobs report expected to show hiring slowed but remained strong, January losses threaten stocks' winning streak, and more

tgi fridays closing
TGI Fridays this week closed 36 restaurants across the US
(Image credit: Xavi Lopez / SOPA Images / LightRocket via Getty Images)

1. Jobs report expected to show hiring still strong

The Labor Department is expected to report Friday that U.S. employers added 160,000 jobs in December, according to forecasters surveyed by FactSet. That figure would mark a drop from 199,000 in November but would still be enough to indicate strong hiring. If the jobs report comes in close to expectations, the economy will have added 2.7 million jobs in 2023, or about 226,000 per month. The job market's resilience has matched the overall strength of the economy through the Federal Reserve's aggressive campaign to raise interest rates to bring down inflation. Some economists have warned higher borrowing costs could trigger a recession. The Associated Press

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.