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Job market ends 2019 with disappointing 145,000 growth in payrolls
POINTS
- December’s payroll and wage growth missed expectations.
- The Labor Department said nonfarm payrolls increased by just 145,000 while the unemployment rate held steady at 3.5%.
- Economists surveyed by Dow Jones had been looking for job growth of 160,000. The jobless rate met expectations for staying at a 50-year low.
- A more encompassing jobs rate that includes discouraged and underemployed workers fell to 6.7%, the lowest it’s ever been in records going back to 1994.
WATCH NOWVIDEO01:42US economy adds 145,000 jobs in December versus 160,000 expected
WASHINGTON — The U.S. jobs market ended 2019 on a sour note, with December’s payroll and wage growth missing expectations, according to Labor Department figures released Friday.
Nonfarm payrolls increased by just 145,000 while the unemployment rate held steady at 3.5%. Economists surveyed by Dow Jones had been looking for job growth of 160,000. The jobless rate met expectations for staying at a 50-year low.
In addition to the slow payroll growth, average hourly earnings rose by just 2.9%, below the 3.1% projection. December marked the first time that wage gains were below 3% on a year-over-year basis since July 2018……more here
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