Not even close to what we needed to break even on jobs growth, the numbers were dismal for December. Our break even number is above 250,000 jobs needed. Let’s hope that this isn’t the beginning of the Trump Crash.
The U.S. economy added a disappointing 148,000 jobs in December while the unemployment rate held at 4.1 percent, according to a Labor Department report Friday.
Economists surveyed by Reuters had been expecting nonfarm payrolls to grow by 190,000. The total was well below the November pace of 252,000, which was revised up from the initially reported 228,000.
An unexpected loss of 20,000 in retail positions during the holiday season held back the headline number.
“A little bit of a disappointment when you only get 2,000 jobs out of the government and get retail at the absolute busiest time of the year losing 20,000 jobs. It just goes to show the true struggle that traditional brick and mortar is having now,” said JJ Kinahan, chief market strategist at TD Ameritrade. “Outside of that I actually thought it was a good report.”
Biggest gains came from health care (31,000), construction (30,000) and manufacturing (25,000). Bars and restaurants added 25,000, while professional and business services grew by 19,000.