USA economy adds 145,000 jobs in final report of 2019

Daniel Fowler
January 11, 2020

That compared to a surprise loss of 71,200 jobs in November and a 5.9 per cent jobless rate to mark the worst monthly drop since the financial crisis.

Annual wage growth fell in December to 2.9%, compared to an annualized average of 3.3% a year earlier, a possible sign that a certain slowdown persists on the labor market and that unemployment could fall further. compared to its current low of half a century.

Economists say downward revisions of that magnitude suggest that the model the government uses to calculate the net number of jobs from new business and closings is faulty.

Economists bristled at Friday's job report that fell well short of expectations by adding just 145,000 new jobs last month, which was an indication of just how much job growth has slowed in the country. Also, November's jobs total was revised downwards slightly, by -14,000.

For now, the labor market is on solid footing, with the unemployment rate declining by five-tenths of a percentage point in 2019.

The US economy added 2.1 million jobs past year, compared to a profit of almost 2.7 million in 2018. Unemployment in the region was recorded at 6% in November, with 2,500 unemployed.

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The prospect of a stable job market, rebounding global growth, supporting central banks, easing trade tensions and United States economic growth of around 2% should be positive this year.

"As would-be workers become scarcer, we would expect employers to have to work harder to attract and retain the workers they want", wrote Elise Gould Economic Policy Institute in a blog post after the December jobs report release. Democrats, seeking to oust him, will report wages that have not taken off significantly for many Americans struggling with high costs for medical care and higher education. "By no means was the December report a barnburner, but neither is it too concerning", TD senior economist Brian DePratto said in a note to investors, referring to the national figures.

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. "Some aspects of the jobs data, such as wages, have been performing well, while others, such as hours, have not been".

The trucking subsector lost 3,500 jobs in December after losing 400 jobs in November, which was preceded by a small gain of 700 and three consecutive losses. Meanwhile, the services-producing sector added 19,400 jobs as the accommodation and food services industry gained 24,900 jobs.

Statistics Canada said the gain in jobs came as the number of private sector employees rose by 56,900, offset by a loss of 21,500 public sector jobs. But milder-than-normal temperatures in December boosted hiring at construction sites, and employment at retailers surged last month. This should have contributed to an increase in new hires in retail as this sector created 41,200 jobs in December.

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