December jobs report preview: Employment growth stayed strong, but signs point to slowdown

• While job growth slowed in 2022, it remained surprisingly strong.
• But there are signs a more dramatic pullback in hiring may be coming.
• That would provide fewer opportunities for workers short term, but could be a good thing for the economy and labor market in the long run.

While job growth slowed in 2022, it remained surprisingly strong despite surging inflation, the Federal Reserve’s aggressive interest rate hikes and mounting recession fears.

But there are signs a more dramatic pullback in hiring may be coming. Those include declines in the ranks of temporary employees and the number of hours Americans are working.