Jolly Jobs

December net job growth was 223,000, the weakest reading since 12/20, and wage growth pressure is clearly waning. But we have a long way to go. The unemployment rate is at a 50-year low, job growth is roughly double a sustainable pace, the labor force participation is essentially flat, job quits increased, and the underemployment rate set a new low. Rates go up by 25bps, maybe 50bps on 2/1/23.