The US economy maintained its strength despite tech layoffs
Average hourly earnings rose 0.3 per cent after 0.4 per cent in the prior month. That lowered the year-on-year increase in wages to 4.6 per cent from 4.8 per cent in November. Government data this week showed there were 10.458 million job openings at the end of November, which translated to 1.74 jobs for every unemployed person.
Interest-rate sensitive industries like housing and finance, and technology companies, including Twitter, Amazon and Meta, the parent of Facebook, have slashed jobs. However, airlines, hotels, restaurants and bars are desperate for workers as the leisure and hospitality industry continues to recover from the COVID-19 pandemic.
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