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The U.S. labor market added a solid 256,000 net new jobs in December, rounding out a strong year. Despite some wobbles in the summer, average monthly job growth stood at 186,000 at the end of the year.
Beneath the shiny surface, there are some signs of concern. Job growth was concentrated in just a few industries for much of the year, lending credence to the white-collar recession narrative. However, in December, gains were much more broad-based, with retail, leisure and hospitality, and professional and business services marking gains.
Additionally, worker churn is incredibly low,