US Economy Adds More Jobs than Forecast, Unemployment Rate Steady at 5%

Jan. 8, 2016 (Allthingsforex.com) – The Bureau of Labor Statistics reported today that total nonfarm payroll employment in the word’s largest economy rose by 292,000 in December from upwardly-revised 252,000 in November, and the unemployment rate was unchanged at 5.0 percent.

Manufacturing employment changed little in December, though its nondurable goods component added 14,000 jobs. In 2015, manufacturing employment was little changed (+30,000), following strong growth in 2014 (+215,000).

Employment in other major industries, including wholesale trade, retail trade, financial activities, and government, changed little over the month. The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in December.

The manufacturing workweek edged down by 0.1 hour to 40.6 hours, and factory overtime edged up by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours.

In December, average hourly earnings for all employees on private nonfarm payrolls, at $25.24, changed little (-1 cent), following an increase of 5 cents in November. Over the year, average hourly earnings have risen by 2.5 percent. In December, average hourly earnings of private-sector production and nonsupervisory employees, at $21.22, changed little (+2 cents).

The change in total nonfarm payroll employment for October was revised from +298,000 to +307,000, and the change for November was revised from +211,000 to +252,000. With these revisions, employment gains in October and November combined were 50,000 higher than previously reported. Over the past 3 months, job gains have averaged 284,000 per month.

The Employment Situation for January is scheduled to be released on Friday, February 5, 2016, at 8:30 a.m. (EST).

 

 


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