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US job growth slows as economy adds modest 148,000 December jobs US job growth slows as economy adds modest 148,000 December jobs
(35 minutes later)
The recovery in the US jobs market slipped in December, adding 148,000 new positions over the month, below forecasts, as the retail sector shed 20,000 jobs over the holiday season.The recovery in the US jobs market slipped in December, adding 148,000 new positions over the month, below forecasts, as the retail sector shed 20,000 jobs over the holiday season.
The headline numbers suggest that the jobs market remains strong. The Labor Department announced that the unemployment rate held steady at 4.1% in December, close to a 17 year low. The headline numbers suggest that the jobs market remains strong. The labor department announced that the unemployment rate held steady at 4.1% in December, close to a 17-year low.
The US economy has now added more than 2m jobs a year for seven straight years, a run last seen in the 1990s. But the pace of hiring has slowed, the recovery remains uneven and wages continue to lag behind growth. The US economy has now added more than 2m jobs a year for seven straight years, a run last seen in the 1990s. But the pace of hiring has slowed, the recovery remains uneven, and wages continue to lag behind growth.
Analysts had expected the US to add 180,000 jobs over the month. The Labor Department also cut its hiring figures for October and November with a net downward revision of 9,000 jobs. Analysts had expected the US to add 180,000 jobs over the month. The labor department also cut its hiring figures for October and November, with a net downward revision of 9,000 jobs.
The troubled retail sector lost 20,000 jobs over the month as the shift to online shopping took its toll even over the holiday season. The economy added new jobs in healthcare (up 31,000), construction (up 30,000) and manufacturing (up 25,000).The troubled retail sector lost 20,000 jobs over the month as the shift to online shopping took its toll even over the holiday season. The economy added new jobs in healthcare (up 31,000), construction (up 30,000) and manufacturing (up 25,000).
Wages continued their sluggish recovery, rising 2.5% in December from a year earlier.Wages continued their sluggish recovery, rising 2.5% in December from a year earlier.
Elise Gould, senior economist at the Economic Policy Institute, noted that December marked the 10th anniversary of the start of the last recession. “While by some measures the economy has recovered, the topline numbers mask important differences in the experiences of working people,” she said. “Employers should be lining up for workers – instead of workers competing for jobs.”
On Wednesday ADP, the US’s largest payroll processor, said private employers had added 250,000 jobs over December. Anticipation of a more positive government jobs report had already driven stock markets to record highs.On Wednesday ADP, the US’s largest payroll processor, said private employers had added 250,000 jobs over December. Anticipation of a more positive government jobs report had already driven stock markets to record highs.
Mark Zandi, chief economist of Moody’s Analytics, which helps compile the report, said, “The job market ended the year strongly. Robust Christmas sales prompted retailers and delivery services to add to their payrolls. The tight labor market will get even tighter, raising the specter that it will overheat.”Mark Zandi, chief economist of Moody’s Analytics, which helps compile the report, said, “The job market ended the year strongly. Robust Christmas sales prompted retailers and delivery services to add to their payrolls. The tight labor market will get even tighter, raising the specter that it will overheat.”
The news from ADP sent stock markets soaring with the Dow Jones Industrial Average closing above 25,000 for the first time. The Dow rose by more than 25% last year, driven up by low interest rates, expectation of tax cuts and a rebounding global economy.The news from ADP sent stock markets soaring with the Dow Jones Industrial Average closing above 25,000 for the first time. The Dow rose by more than 25% last year, driven up by low interest rates, expectation of tax cuts and a rebounding global economy.