Economy Gains 312,000 Jobs in December; Unemployment Rises to 3.9%

Economy Gains 312,000 Jobs in December; Unemployment Rises to 3.9%

The U.S. economy gained 312,000 jobs in December, and the unemployment rate rose to 3.9%, according to figures released this morning by the U.S. Bureau of Labor Statistics. This report shows an increase in unemployed workers and while wage gains are stronger, they are not consistent with a tight labor market. This ongoing financial and economic volatility means that the Federal Reserve needs to hold off on more rate increases.

In response to the December job numbers, AFL-CIO Chief Economist William Spriggs tweeted:

 

 

 

 

 

 

 

 

 

Last month’s biggest job gains were in health care (50,000), professional and business services (43,000), food services and drinking places (41,000), construction (38,000), manufacturing (32,000) and retail trade (24,000). Employment in other major industries—including mining, wholesale trade, transportation and warehousing, information, financial activities and government—showed little change
over the month.

Among the major worker groups, the unemployment rates rose for blacks (6.6%), adult men (3.6%) and Asians (3.3%). The jobless rate for teenagers (12.5%), Hispanics (4.4%), adult women (3.5%) and whites (3.4%) and showed little or no change in December.

The number of long-term unemployed (those jobless for 27 weeks or more) declined slightly in December and accounted for 20.5% of the unemployed.

Kenneth Quinnell
Fri, 01/04/2019 – 10:29

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Updated: January 22, 2019 — 1:39 am