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December jobs growth solid

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December jobs growth solid

292,000 jobs created, beating estimates.

Total nonfarm payroll employment rose by 292,000 in December, and the unemployment rate remained at 5.0%, the U.S. Bureau of Labor Statistics reported today.  This follows jobs growth of 211,000 in November.

Job growth occurred in construction, professional and technical services, transportation warehousing, and health care, while employment in mining again declined over the month.

Consensus estimates had expected an increase of 200,000 new jobs.

Consensus estimates had expected an increase of 200,000 new jobs.

The historically low employment participation rate inched up 0.1 percentage point to 62.6%, near its lowest level since the 1970s.

On a slightly negative note, average hourly earnings for all employees on private nonfarm payrolls actually decreased 1 cent to $25.23, and average hours worked per week remained at 34.5 hours.

The full report can be found here.

 

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