U.S. Economy Added 145000 Jobs in December

Handsome man with tools holding an American Flag standing against a background of green trees and the rays of the setting sun. View from the back close-up. Concept of work and employment

The US jobs engine added another 145,000 new positions, the slowest pace in seven months and a bit short of economists' expectations, while the unemployment rate held steady at 3.5 per cent, remaining at a 50-year low.

There is one serious feat, considering that the recession is now a decade in the past.

That's according to the Wall Street Journal, which said the last time women dominated the job market was during a stretch between June 2009 and April 2010 following the financial crisis, when construction and manufacturing sectors were disproportionately shedding jobs. This December, there were 2,553,800, an increase of roughly 25,100 jobs.

The job market will gain more attention as the election nears and the health of the economy under Trump is debated among candidates.

The number of long-term unemployed (those jobless for 27 weeks or more), at 1.2 million, was unchanged in December and accounted for 20.5 percent of the unemployed.

Windsor's unemployment rate increased to 7.5 per cent in December 2019, representing a 0.5 per cent increased compared to November 2019.

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Average hourly earnings in the USA rose just 3 cents in December, to $28.32. Graph 1 highlights that while total job "openings" in the USA economy, expressed as both a level and a rate, remain quite elevated, they have been easing off a bit over the past couple of years.

A report from the U.S. Labor Department said 2.1 million jobs were created previous year, the lowest number since 2011. In the last ten years the year-end payroll figures have averaged 142,000 missing the consensus forecast in seven out of 10 months by an average of 35,000.

Details: Job gains were revised lower by a combined 14,000 in October and November.

Employment in transportation and warehousing changed little in December (-10,000). This level was lower than any point since at least 1994, or as far back as Bloomberg data tracks. The report offers a cleaner read on manufacturing and overall employment after a strike involving 46,000 General Motors Co. workers subtracted from the October count and propped up the November reading.

It's the same situation for the area's employment rate, which shows the percentage of people employed. In the two months prior to December, however, the gain in wages was reported at a much higher 4.4%. Trump can campaign on the low unemployment rate and job growth as he seeks a second term.

Weak wage growth could in part reflect a calendar quirk. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. The last time trucking jobs decreased for three consecutive months was in 2016 during a six-month streak from February through July.

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