Huge Number on Jobs Front

Updated from 9:05 a.m. EST

Job growth was much stronger than expected as last year wrapped up, with U.S. employers adding 167,000 workers to their payrolls in December.

Economists had been anticipating much slower growth. Estimates had forecast that about 100,000 to 115,000 new positions would be created. The unemployment rate remained constant at 4.5%, while average hourly earnings, a key measure of inflation, rose a greater-than-expected 0.5%.

Revisions to the prior data showed more new jobs than had been first reported. Updated payroll numbers for October and November revealed that an additional 29,000 jobs were formed than the government's previous numbers had indicated. ...