US Reports Just 50,000 New Jobs In December, Falling Short Of Expectations, Yet Jobless Rate Falls To 4.4%
US Job Growth in December Falls Short of Expectations
Prior to the release of today’s employment data, analysts anticipated that the latest nonfarm payroll (NFP) figures would indicate a continued recovery from the disappointing numbers seen in September and October, though still at a subdued pace. This cautious outlook was confirmed when the Bureau of Labor Statistics announced that the US economy added 50,000 jobs in December. While this figure slightly missed the consensus estimate of 50,000, it landed comfortably within JPMorgan’s preferred range of 35,000 to 75,000 jobs, a scenario considered favorable for the markets.
Additionally, revisions to previous months’ data showed that October’s total nonfarm payroll change was adjusted downward by 68,000, moving from a loss of 105,000 jobs to a more significant decline of 173,000.
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