Economy Adds 156,000 Jobs in December, Cementing 2 Fed Rate Hikes in 2017

The economy added 156,000 jobs in December, missing estimates of 175,000. While the number rounds out a solid year of job creation in 2016, totaling 2.2 million positions, Nick Colas, chief market strategist at Convergex, said the weaker-than-expected number likely means the Federal Reserve will hike rates twice in 2017. That's down from the three-hike forecast the central bank issued last month. The unemployment rate in December rose slightly to 4.7% compared to 4.6% in November. For 2016, wages grew 2.9%.