Economic Update: The Jobs Report
The Bureau of Labor Statistics reported that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy, put in another strong showing as the economy added 292,000 new jobs during the month of December.
The number of new jobs was well above the consensus estimates for an increase of 175K – 200K and was also above November’s upwardly revised job growth of 252K.
The revisions to October and November produced an additional 50,000 new jobs than had been previously reported.
The nation’s Unemployment Rate held steady at 5.0% in December which was in line with expectations and remains the lowest rate seen in seven years.
All in all, this was another very strong report.
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