2019 ends with disappointment in the jobs market

0

The jobs market of United States has ended the year 2019 on a bitter note with the payroll of December and the growth in wages missing the expectation levels as per the figures which were released by the department of labor on this Friday.

The payrolls in the nonfarm sector had increased only by 145,000 as the rate of unemployment had been holding up steadily at the levels of 3.5%. The economists which had been surveyed had been expecting the growth in jobs to be at 160,000. The rate of joblessness had met the expectations for staying at a low of 50 years.

Adding to the growth of payroll which was slow, the average earnings hourly had risen by only 2.9% with the projection being at 3.1%. December had been the first time when the gains of wages had been below the level of 3% on the year on year basis after the month of July in the year 2018.

The revisions to the month of October and the also November counts had brought the two months below by 14,000 too. The initial estimates which were at a glittering level of 266,000 for the month of November had come down to by 10,000 and the ones in October had come down by 4,000 to 152,000 where it was 156,000 earlier.

After the gains of 256,000 in payrolls in the month of November which had been boosted by the return of the workers who were on strike against GM has seen a slowdown in the month of December for job gains which was being considered inevitable by the economists. Despite the growth being less it has been termed as stable.

Leave A Reply

Your email address will not be published.