The U.S. economy unexpectedly saw a slowdown in hiring in December compared to November, while the unemployment rate improved to a fresh pandemic-era low.
The Labor Department released its December jobs report Friday and here are the main metrics compared to consensus estimates compiled by Bloomberg:
Non-farm payrolls: Plus-199,000 vs. plus-450,000 expected; and a revised plus-249,000 in November
Unemployment rate: 3.9 percent vs. 4.1 percent expected and 4.2 percent in November
Average hourly earnings, month-over-month: 0.6 percent vs. 0.4 percent expected and a revised 0.4 percent in November
Average hourly earnings, year-over-year: 4.7 percent vs. 4.2 percent expected and a revised 5.1 percent in November
The labor market posted a twelfth consecutive month of job growth in December, albeit with gains coming at a rate slower than many expected. Consensus economists expected that December payrolls increased by over 400,000, or more than double the tally from November, when a slowdown in service-sector hiring had weighed on overall employment growth.
To read the full report from Emily McCormick at Yahoo Finance, click here.
