December Job Gains Below Forecast

The October and November employment data had been distorted by the General Motors strike, but with the labor dispute in the rearview mirror, December was expected to provide a clearer picture. This morning, the December labor report turned out to be a bit weaker than expected, but the payroll miss wasn’t big and a positive labor market outlook remains intact. Nonfarm payrolls added +145k new jobs last month, slightly below the expected +160k forecast while -14k jobs were subtracted from the previous two month’s count.

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