Another disastrous job report dropped on Friday morning with predictions of new growth missing by hundreds of thousands. Economists predicted 442,000 positions would be created. The number came in at just 199,000.
"Total nonfarm payroll employment rose by 199,000 in December, and the unemployment rate declined to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in leisure and hospitality, in professional and business services, in manufacturing, in construction, and in transportation and warehousing," the Department of Labor released Friday morning. "The labor force participation rate was unchanged at 61.9 percent in December but remains 1.5 percentage points lower than in February 2020. The employment-population ratio increased by 0.2 percentage point to 59.5 percent in December but is 1.7 percentage points below its February 2020 level. Over the year, these measures have increased by 0.4 percentage point and 2.1 percentage points, respectively."
CNBC is calling the numbers "another big miss."
Hiring falters in December as payrolls rise only 199,000 — here's what you need to know. https://t.co/KfbjSBZo64— CNBC (@CNBC) January 7, 2022
Another dismal jobs report with just 199k jobs added in December - less than half the 422k forecast.— John Roberts (@johnrobertsFox) January 7, 2022
Breaking News: (ANOTHER) HUGE MISS ON JOBS NUMBER— Charles V Payne (@cvpayne) January 7, 2022
December payroll only 199,000 missing consensus by more than 50%.
There will be cherry-picking and lipstick applied -Pres Biden so point to Hispanic unemployment rate but not mention 96,000 left labor force.
Something is wrong
Meanwhile, the Biden administration continues to smother the private sector with burdensome regulations, including vaccine mandates which are causing a worker shortage.