• US employers expect to hire less in 2024, according to several regional Federal Reserve bank surveys, a trend that’s set to limit wage gains and cool inflation pressures.
• The results precede the government’s monthly jobs report next week, forecast to show a 170,000 gain in December payrolls. Meanwhile, economists expect an average 80,000 monthly increase in the first three months of next year, about half this quarter’s pace.
• The regional Fed data show that the central bank’s efforts to slow growth and temper inflation are filtering through into the economy. The results, while marking a slowdown, don’t indicate an outright contraction in payrolls.