employers adding 223,000 jobs in December, down slightly from previous months. For the year, the economy added 4.5 million jobs, the second-most on record.

• U.S. employers added 223,000 jobs in December.

• Hospitality, health care and construction generated job growth.

• Markets rise on what hiring and wage trends signal for interest rates.

• Job gains feed Biden’s optimism on the economy.

• The Fed is waiting for a pronounced hiring slowdown.

• A slowing job market poses risks for those who’ve been out of work for a while.

• After a strong year of job creation, 2023 brings a tougher outlook.