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In December, US employment and wage growth fell short of expectations

According to recent data from the Bureau of Labor Statistics, payrolls grew by about 200,000 in December, maintaining the decreasing trend in total unemployment but falling short of expectations.

The Labor Department announced its extensively analyzed monthly employment statement (pdf) on Friday, describing a month of steady but lackluster job gains. Nonfarm payroll grew by 199,000 people overall. Previously, a Reuters poll of analysts predicted a 400,000-job growth in the previous month, with individual projections ranging from 150,000 to 1 million. Despite this, unemployment dropped 0.3 percent to 3.9 percent, the lowest level since February 2020, with 6.3 million people out of work (a decrease of 483,000).

The survey also showed a 0.6 percent increase in hourly pay wages. According to preliminary data based on the consumer price index, monthly currency inflation in December will be around 0.5 percent, keeping currency inflation on par with wage increases and offsetting the latter's impact.

10 Jan 2022


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