As 2025 closed, noise in the jobs and inflation data – mostly due to missed data collection during the government shutdown — clouded economic signals. The last nonfarm payrolls data for the year, due Friday, may clear the fog a little, but not by much. Bloomberg Economics expects the unemployment rate to hold stubbornly at 4.6% for December, and nonfarm payrolls – when adjusted for overstatement – to show barely positive net hiring. Bloomberg Economics US and Canada Economist Stuart Paul joins

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