U.S. Posts Another NFP Miss but Earnings, Jobless Rate Suggest Ongoing Pressures By Investing.com

By Geoffrey Smith 

Investing.com — The U.S. economy posted fewer jobs than expected for a second straight month in December, but the government’s monthly report still pointed to ongoing inflationary pressures coming from the labor market.

The Labor Department said rose by only 199,000 through the middle of the month. That’s only half the expected 400,000 and a sharp contrast to the 807,000 gain in private payrolls reported in ADP’s concurrent survey earlier in the week.  The disappointment was only partly mitigated by an upward revision of 39,000 to November’s payrolls number.

However, there was still plenty of evidence that labor market tightness is feeding through into higher wages. rose 0.6% on the month, faster than November’s rate of 0.4%, which was also revised higher. Analysts had forecast growth of 0.4%.  The , meanwhile, fell below 4% of the workforce for the first time since March 2020. 

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