Higher interest rates are weighing on the economy
The latest figures reflected the job market’s sustained ability to withstand the 11 rate hikes imposed by the Fed
Strong hiring, wage growth could delay interest rate cuts
December marked the 23rd straight month that joblessness has remained below 4%
The organization projects that recessions will be avoided "almost everywhere"
Consumer spending puts economy on track for 5.2% annual growth, up from 4.9% estimated last quarter
Jobless claims -- seen as a proxy for layoffs -- dropped by 24,000 to 209,000
Biggest year-over-year gain since April
The U.S. Labor Department also finds that wage gains are easing, a trend that may signal cooling inflation pressures
The agency forecasts global growth of 2.1% this year, down from 3.1% in 2022