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Trump Economy Adds 145000 Jobs In December

14 January 2020

The prospect of a stable job market, a pick-up in global growth, supportive central banks, an easing of trade tensions and USA economic growth of around 2% should be a positive for this year.

There is one serious feat, considering that the recession is now a decade in the past.

While the jobs continued a trend of growth despite trade tensions and other threats, it did fall short of the 160,000 new jobs predicted by economists for December.

Employment in health care increased by 28,000 in December, and construction employment rose by 20,000.

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Although job gains picked up steam in the second half, hiring in 2019 was the slowest since 2011, at 2.11 million. Of those, 1.2 million people had been out of work 27 weeks or longer.

The unemployment rate rose to 5.9 percent last November as Canada lost an unexpected 71,200 net jobs in November, the biggest decline since 2009.

The labor department said that hourly wages in December increased by 3 cents to an average of $ 28.32.

Greater Victoria has the lowest unemployment rate in Canada at 3.4% as the Canadian job market surged in December by gaining 35,200 jobs - mostly in Ontario and Quebec - and reversing some losses from November. The number of unfilled jobs continues to grow.

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Employment in transportation and warehousing changed little in December (-10,000). Also, November's jobs total was revised downwards slightly, by -14,000.

The data exceeded analyst predictions of 32,000 new jobs and an unemployment rate decrease of 0.1 percentage points to 5.8 percent. An alternative measure, which captures those underemployed and marginally attached to the workforce, the U-6, fell to 6.7%, the lowest on records back to 1994.

Friday's report is based on surveys mainly taken during the middle of last month, and as such may not fully reflect developments that occurred late previous year, including progress in trade talks with China, completion of a new trade deal with Canada and Mexico, and Congress passing a broad spending bill.

Economists surveyed by Bloomberg last month expect job gains to moderate further in 2020, slipping to a 127,000 monthly pace compared to 176,000 in 2019.

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While the unemployment rate for all Americans held steady at 3.5 percent, it actually dipped for white people while jumping for Black folks - especially Black men. "It is important to remember that periods of stronger wage growth for production/nonsupervisory workers in this recovery tend to be followed by periods of relatively weaker growth". Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.

Trump Economy Adds 145000 Jobs In December