December Jobs Gains Smash Wall Street ForecastsNonfarm payrolls jumped by 312,000 in December.

[Collection]Last month’s jobs gain easily surpassed Wall Street forecasts, dampening recession fears. Giving markets a much needed boost, official figures showed that non-farm payrolls jumped by 312,000 in December, squashing analysts’ predictions for a 177,000 rise. This, alongside Federal Reserve Chairman Jerome Powell stating that the central bank would be patient when it comes to raising interest rates, lifted U.S. stocks after a difficult trading day yesterday. The Dow Jones Industrial Average was up 576 points, or 2.54 percent, to 23,263.03, while the S&P 500 was 3.14 percent higher in late-morning trading. Paul Ashworth, chief U.S. economist at Capital Economics, said: “The far bigger than expected 312,000 jump in non-farm payrolls in December would seem to make a mockery of market fears of an impending recession.” He added that despite a dive in a leading manufacturing index released yesterday, the employment report suggests the U.S. economy still has “considerable forward momentum.” Within the non-farm payroll data, employment in department stores rose by 8,100, while in clothing and accessories stores, it remained unchanged. Overall, retail employment, which excludes automobile dealers, gasoline stations and restaurants, increased by 15,200 and 37,600 jobs year-over-year, according to the National Retail Federation. The significant rise in non-farm payrolls, however, was not enough to prevent the

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