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Economy

Economic Data (USA)

Friday, January 06, 2017

Employment Situation Report for December 2016

The Employment Situation Report for December 2016 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Predicted: +175,000
Actual: +156,000


U-3 Unemployment Rate (Headline)
Predicted: 4.7%
Actual: 4.7%

U-6 Unemployment Rate*
Actual: 9.2%
Previous Reading: 9.3%

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.386%

Civilian Labor Force Participation Rate: 62.7%
Previous Reading (revised): 62.6%

Average Workweek
Predicted: 34.4 hours
Actual: 34.3 hours

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money and b) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From today's report:

"...In December, average hourly earnings for all employees on private nonfarm payrolls increased by 10 cents to $26.00 [+0.386%], after edging down by 2 cents in November. Over the year, average hourly earnings have risen by 2.9%. In December, average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $21.80 [+0.322%]...

...
The change in total nonfarm payroll employment for October was revised down from +142,000 to +135,000, and the change for November was revised up from +178,000 to +204,000. With these revisions, employment gains in October and November were 19,000 higher than previously reported. Over the past 3 months, job gains have averaged 165,000 per month..." [Establishment Survey Data]

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* =  The U-6 Unemployment Rate is defined as:

"Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force."

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