U.S. job growth slowed more than expected in December, but the pace of hiring likely remains sufficient to keep the longest economic expansion in history on track despite a deepening downturn in a manufacturing sector stung by trade disputes.
The Labor Department’s closely watched monthly employment report on Friday also showed the jobless rate holding near a 50-year low of 3.5%. A broader measure of unemployment dropped to a record low last month, but wage gains ebbed. The mixed report will probably not change the Federal Reserve’s assessment that both the economy and monetary policy are in a “good place.”
Roughly 100,000 jobs per month are needed to keep up with growth in the working-age population. Data for October and November was revised to show 14,000 fewer jobs added than previously reported. The economy created 2.1 million jobs in 2019, down from 2.7 million in 2018.
Fox Business Contributor, Scott “the cow guy” Shellady, runs through the December unemployment numbers with Dan & Amy: