Meanwhile, job growth had appeared set for a healthy rebound from disappointing November gains as widespread worker shortages eased slightly. The expiration of enhanced unemployment insurance in early September failed to immediately lift employment gains, but Goldman Sachs expected a bounce last month as many of the 4.6 million workers who lost benefits resumed their job searches.

Also, employers are hesitant to let workers go because of the labor shortages. Initial jobless claims, a gauge of layoffs, have tumbled even below their pre-COVID mark in recent weeks.