NFP: 85,000 JOBS LOST IN DECEMBER. MUCH MORE THAN EXPECTED
The December Employment Situation Report has been released. 85,000 jobs were lost in December, much worse than expected. The unemployment rate was unchanged at 10.0%. The November report was revised to +4,000 jobs created vs. the original print of -11,000 jobs lost.
HERE IS WHAT TICKED ACROSS MY NEWS FEED:
- U.S. DEC NONFARM PAYROLLS -85,000 (CONSENSUS UNCH) VS NOV +4,000 (PREV -11,000)
- DEC JOBLESS RATE 10.0 PCT (CONS 10.1 PCT) VS NOV 10.0 PCT (PREV 10.0)
- DEC AVERAGE HOURLY EARNINGS +0.2 PCT (CONS +0.2) VS NOV +0.2 PCT, TO $18.80 VS NOV $18.77
- DEC YEAR-ON-YEAR AVERAGE HOURLY EARNINGS +2.2 PCT
- DEC AVERAGE WORKWK 33.2 HRS (CONS 33.2) VS NOV 33.2, FACTORY 40.4 VS 40.4, OVERTIME 3.4 VS 3.4
- OCT NONFARM PAYROLLS REVISED TO -127,000 FROM -111,000, SEPT UNREVISED AT -139,000
The broader measure of unemployment, U6, indicates 17.3% of the labor force is unemployed. The civilian labor force fell by 661,000 people. That is a HUGE reduction in the labor force. HUUUUGE.
HERE IS A TABLE SUMMARIZING THE DATA. NOTICE THE HUGE UPTICK IN JOB LOSSES IN THE GOODS PRODUCING AND CONSTRUCTION INDUSTRY. ALSO, “TEMPORARY HELP” FELL AFTER FIVE MONTHS OF GAINS.
HERE IS A CHART OF THE DATA. NOVEMBER 2009 WAS THE FIRST MONTH JOBS WERE CREATED SINCE DECEMBER 2007.
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