Employment Cools Off in US, but Earnings Keep Increasing
Employment fell in the US in December but earnings increased
Employment has been increasing in the US since May, after it posted some major declines in March and particularly in April during lock-downs, jobs have been increasing in the US, but the pace has slowed and today the non-farm employment was expected to show a 60K increase, down from 400-500K in previous months. But, they turned negative instead, sowing a 140K decline in December.
On Wednesday, the US ADP employment was also expected to show a 60K increase for December, but declined by 123K, so today’s report confirms the ADP report from earlier this week. The unemployment rate was expected to tick higher, but remained unchanged. Although, the underemployment fell and earnings increased, so it’s not all negative and we should see employment start to increase again in the coming months.
December US jobs data
- December non-farm payrolls -140K vs -37.5K expected
- October payrolls were +62.1K
- Unemployment rate 6.7% vs 6.8% expected
- Prior unemployment rate 6.7%
- Participation rate 61.5% vs 61.5% expected
- Prior participation rate 61.5%
More details
- Underemployment rate 11.7% vs 12.0% prior
- Average hourly earnings MoM +0.8% vs +0.2% expected
- Average hourly earnings YoY +5.1% vs +4.5% expected
- Average weekly hours 34.7 vs 34.8 expected
- Two month net revision +135K
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