Nonfarm Payrolls Rise 200K in December; Unemployment Lowest in Three Years
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According to data from the Bureau of Labor Statistics (BLS) on Friday, job growth for the month of December was better than expected across all sectors of the economy.
Nonfarm payroll employment rose 200,000 in December, better than the 150,000 gain the Street was expecting. The number was up from a downwardly-revised 100,000 (from 120,000) in November. The BLS noted nonfarm employment has risen 1.64 million over the last 12-month time frame.
Private-sector payroll additions rose from 140,000 in November to 212,000. The Street was looking for 170,000 additions. The initial November reading was 120,000 adds.
23,000 jobs were added in the manufacturing sector, sharply above the economist expectation for growth of just 6,000.
Unemployment in the U.S. fell from 8.7 percent in November to 8.5 percent with the current report. The Street was looking for unemployment at 8.7 percent. The BLS noted "The unemployment rate has declined by 0.6 percentage point since August." Those in long-term unemployment were largely unchanged at 5.6 million, accounting for 42.5 percent of total unemployed. Unemployment is at its lowest point since February 2009, the data showed.
Numbers mirror jobs data earlier in the week: ADP showed a 325,000 increase in employment. Data was also helped by spending, with retail comps (excluding Wal-mart) rising 3.5 percent in December, according to data from the International Council of Shopping Centers.
According to data aggregated by Bloomberg: "Annual benchmark revisions to the household survey showed the unemployment rate averaged 8.9 percent in 2011, down from 9.6 percent and 9.3 percent in the previous two years. It still marked the worst three-year period since 1939 to 1941."
Average hourly earnings rose 0.2 percent to $23.24, with the average workweek increasing to 34.4 hours. The Street expected a 0.1 percent increase and 34.3, respectively.
Nonfarm payroll employment rose 200,000 in December, better than the 150,000 gain the Street was expecting. The number was up from a downwardly-revised 100,000 (from 120,000) in November. The BLS noted nonfarm employment has risen 1.64 million over the last 12-month time frame.
Private-sector payroll additions rose from 140,000 in November to 212,000. The Street was looking for 170,000 additions. The initial November reading was 120,000 adds.
23,000 jobs were added in the manufacturing sector, sharply above the economist expectation for growth of just 6,000.
Unemployment in the U.S. fell from 8.7 percent in November to 8.5 percent with the current report. The Street was looking for unemployment at 8.7 percent. The BLS noted "The unemployment rate has declined by 0.6 percentage point since August." Those in long-term unemployment were largely unchanged at 5.6 million, accounting for 42.5 percent of total unemployed. Unemployment is at its lowest point since February 2009, the data showed.
Numbers mirror jobs data earlier in the week: ADP showed a 325,000 increase in employment. Data was also helped by spending, with retail comps (excluding Wal-mart) rising 3.5 percent in December, according to data from the International Council of Shopping Centers.
According to data aggregated by Bloomberg: "Annual benchmark revisions to the household survey showed the unemployment rate averaged 8.9 percent in 2011, down from 9.6 percent and 9.3 percent in the previous two years. It still marked the worst three-year period since 1939 to 1941."
Average hourly earnings rose 0.2 percent to $23.24, with the average workweek increasing to 34.4 hours. The Street expected a 0.1 percent increase and 34.3, respectively.
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