EY Chief Economist Gregory Daco says businesses are generating growth with fewer workers and rising efficiency.

2025 was marked by relatively strong job growth in the first few months, followed by cooling, with some months showing net job losses after revisions.

Nonfarm payrolls were expected to rise by 73,000 in December as the unemployment rate moved lower to 4.5%.

EY Chief Economist Gregory Daco says businesses are generating growth with fewer workers and rising efficiency.