US gains 148,000 jobs in Dec, unemployment still 4.1pc

AFP, WASHINGTON: The US economy’s job creation ability disappointed in December, despite solid hiring in manufacturing and construction, according to government data reported yesterday. While the unemployment rate held steady at the 17-year low of 4.1 per cent, employers added just 148,000 new hires in the final month of the year, far below expectations, and even below the sluggish 155,000 reported in December 2016.

Economists had been expecting 200,000 new jobs or more last month, especially after payroll services firms ADP said Thursday that private hiring surged by 250,000 in the month. What the ADP report can be volatile, it prompted some economists to revise their forecasts upwards.

Revisions to the October and November data subtracted 9,000 jobs from the economy, making the picture for the fourth quarter even more disappointing.

US gains 148,000 jobs in Dec, unemployment still 4.1pc

AFP, WASHINGTON: The US economys job creation ability disappointed in December, despite solid hiring in manufacturing and construction, according to government data reported yesterday. While the unemployment rate held steady at the 17-year low of 4.1 per cent, employers added just 148,000 new hires in the final month of the year, far below expectations, and even below the sluggish 155,000 reported in December 2016. Economists had been expecting 200,000 new jobs or more last month, especially after payroll services firms ADP said Thursday that private hiring surged by 250,000 in the month. What the ADP report can be volatile, it prompted some economists to revise their forecasts upwards. Revisions to the October and November data subtracted 9,000 jobs from the economy, making the picture for the fourth quarter even more disappointing.