JPMorgan’s Chief U.S. Economist Michael Feroli says that while nonfarm employment beat expectations in December, after downward revisions of 71,000 to prior months, the level of employment came in close to what was anticipated. There were also mixed messages from the other details of the report, as the average workweek ticked down to 34.3 hours and the labor force participation rate slumped three tenths to 62.5%, the economist tells investors in a research note. The firm says labor demand has been gradually cooling. However, JPMorgan believes the apparent resilience of the labor market should dial down expectations of a Federal Reserve rate cut in Q1. It still looks for easing to begin at the June meeting.
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