The December jobs report released today once again surprised analysts with an additional 216,000 jobs added to nonfarm payrolls. This is a continued indication of the economic resilience in the U.S., firming up hopes for a soft economic landing. The implications of a soft economic landing on Federal Reserve policy are yet to be seen.

With economic conditions having an outsized influence on organic animal protein demand, the robust jobs data should be welcomed. However, wages gained 4.1 percent year over year and this, along with the 2.7 million jobs added in 2023, could slow the pace of rate cuts that the Federal Reserve indicated would begin as early as March. 

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