(WASHINGTON) -- Hiring ticked down in December, defying the Federal Reserve's effort to boost hiring with a recent series of interest rate cuts, a jobs report on Friday showed. The reading fell short of economists' expectations.
The fresh data comes two weeks after a blockbuster report on economic growth appeared to rebuke worries about the wider economy prompted by the hiring cooldown.
The U.S. economy grew at a robust annualized rate of 4.3% in the third quarter in the government's initial estimate, marking an acceleration from 3.8% growth recorded in the previous quarter, the U.S. Commerce Department said in December.
Meanwhile, inflation dropped in November, the most recent month for which data is available. The cooldown ended a monthslong acceleration of price increases and offered some relief for households strained by cost hikes.
Futures markets expect two quarter-point interest rate cuts this year, forecasting the first in April and a second in the fall, according to CME FedWatch Tool, a measure of market sentiment.
"We're well positioned to wait and see how the economy evolves," Powell said.