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US Job Growth Falls Well Short Of Estimates In December

US Job Growth Falls Well Short Of Estimates In December

The unemployment rate and labor force participation rate were unchanged at 4.1 percent and 62.7 percent, respectively. "Black unemployment peaked at 16.8 percent in March 2010, well above the peaks for other demographics". "In 2017, payroll employment growth totaled 2.1 million, compared with a gain of 2.2 million in 2016". By December 2017, it dropped to 6.8 percent.

After reporting a bigger than expected jump in employment in the previous month, the Labor Department released a report on Friday showing employment in the USA increased by much less than anticipated in the month of December.

In January 2017, there were 18,436,000 employed black Americans over the age of 16.

Staffing Industry Analysts' Perspective- The BLS employment report for December was generally tepid, capping an otherwise strong year. Since December of 2016, the province has added 1,500 jobs.

The United States added nearly 3 million jobs in 2014, 2.7 million in 2015 and 2.2 million in 2016.

The unemployment reading fell last month as the economy generated 78,600 net new positions, including 23,700 full-time jobs.

Economists polled by Bloomberg were expecting a flat showing, with about 2,000 jobs added.

The economic sectors that most drove total nonfarm employment growth in December (on a seasonally adjusted basis) include construction (+30,000), healthcare and social assistance (+29,200) and leisure and hospitality (+29,000). The strength of the report also prompted investors to peg the odds of a rate hike from the Bank of Canada this month at about 70 per cent. The central bank also might wait a little longer months into 2018 to analyze the economic impacts of new changes to mortgage stress tests, Kavcic added.

On a whole, retail posted a net job loss in 2017, shedding almost 70,000 jobs over twelve months as e-commerce giants like Amazon hurt traditional brick and mortar retailer sales.

Still, industries across the economy added jobs previous year.

As we turn our attention to 2018, this month's employment numbers beg the question as to whether the weakness in the report is due to choppiness from month-to-month, or the beginning of a reversion to slower growth in the economy. Before the jobs report, a hike was being given less than 50/50 odds.

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