United States jobs growth jumps in December

US jobs growth jumps in December

The Fed increased borrowing costs last month for the fourth time in 2018, but forecast fewer rate hikes this year and signaled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth.

Data out this week have fanned fears that the nine-year economic expansion is running out of steam.

"So when we see the January jobs number, it could be a big negative", said Hassett, even though those workers would be paid back wages once the government fully re-opened. "An upside surprise could increase market expectations for rate hikes in 2019, while a downside surprise could lead markets to price a higher probability that exceptional US growth is not immune from declining equity prices and slowing global growth".

There were also broad gains in hiring last month.

Thursday's report showed the number of claims workers made for longer than a week increased by 32,000 to 1,740,000 in the week ended December 22. And average hourly pay improved 3.2 percent from a year ago. The Dow Jones industrial average climbed roughly 450 points in morning trading, an increase of about 2 percent.

Meanwhile, the unemployment rate jumped to 3.9 percent - the highest rate since August - as more people felt confident enough to quit their jobs and look for new ones.

Jobs in health care increased by 50,000 last month, with most of the employment centered around ambulatory care and hospitals. Powell is due to appear on a panel with his two predecessors about two hours after the report's release.

The U.S. central bank raised rates four times in 2018.

"The labor market is as strong as it's been since pre-crisis times", said Michael Gapen, chief US economist at Barclays Plc. In the latest signal that investors see little room for the Fed to lift rates any further, yields on 2-year U.S. Treasury notes US2YT=RR on Thursday dropped below the Fed's policy rate for the first time in more than a decade. That's key, at a time the tariff war with China has cast a shadow over USA manufacturing and the global outlook, one reason why investors were betting before Friday's numbers that the Federal Reserve would stay on hold or cut interest rates, rather than keep raising them.

The ripple effects from slower growth overseas could eventually hurt the USA economy, David Dollar, a senior fellow at the Brookings Institution, told NPR's Scott Horsley.

"Overall, the markets may have decided the Fed's work is done, but the economic data say otherwise", said Ashworth.

That figure includes the 2.88 million more Americans who are employed now than were employed in December of 2017.

More news: India force follow on as Australia pick up more unwanted records

The Labor Department has not been affected by the partial shutdown of the U.S. government and will continue to publish economic data complied by its statistics agency, the Bureau of Labor Statistics.

Data releases from Census Bureau and Bureau of Economic Analysis have been suspended during the shutdown, which started on December 22 amid demands by Trump for $5 billion in funding for a wall on the U.S. -Mexico border. -China tariff war, softening manufacturing, a housing slowdown and a projected cooling in global growth.

A month earlier, wages grew 0.2 percent.

With the labor market viewed at being at or beyond full employment, the pace of job growth is slowing as employers struggle to find workers.

But the expected continuation of steady job growth suggests that such risks might be - for the moment, anyway - overblown.

Anecdotal evidence has been growing of companies experiencing difficulties finding workers, and raising wages to retain and attract employees. Some economists believe that the resulting tightening in financial market conditions could discourage the Federal Reserve from further raising interest rates this year.

But there has been concern over how stable the economy is, with the current partial government shutdown coming to the forefront.

Hiring last month rose across all sectors.

Amherst Pierpont - 200,000 jobs, 3.6 percent unemployment, 3 percent annual wage growth. Economists polled by Reuters had forecast private payrolls advancing 178,000 last month following a previously reported 179,000 increase in November.

Professional and business services employment increased by 43,000 jobs last month and government payrolls rose 11,000.

Bloomberg Economics - 210,000 jobs, 3.6 percent unemployment, 3 percent annual wage growth.

Related News:

  • Gatwick and Heathrow airports order military-grade anti-drone equipment

    Gatwick and Heathrow airports order military-grade anti-drone equipment

    The equipment can detect and jam communications between a drone and its operator and was deployed on a roof at Gatwick. More than 140,000 passengers had their flights either cancelled or delayed during 36 hours of chaos at the airport.
    Prescott, Cowboys push past Seahawks for 24-22 wild-card win

    Prescott, Cowboys push past Seahawks for 24-22 wild-card win

    Dallas will play either New Orleans or the Los Angeles Rams in the divisional round next weekend. Dallas would respond in a quick drive capped off by an 11-yard touchdown pass to Michael Gallup.
    Warren may run for prez

    Warren may run for prez

    But, she said, she doesn't think it'll do Warren any harm. "We need somebody who is focusing on our generation", Bashore said. Warren called for economic fairness in front of a cheering crowd of Iowa and Nebraska Democrats at a bowling alley.
  • Bayern Munich fine Franck Ribery for offence after gold leaf steak furore

    Bayern Munich fine Franck Ribery for offence after gold leaf steak furore

    Check out the special steak that got Bayern Munich winger Franck Ribery into trouble after he lashed out at fans on social media.
    EPL: why i signed for Chelsea - Pulisic

    EPL: why i signed for Chelsea - Pulisic

    He said: "In this position we have only two players, Jorginho and Fabregas, so for me it would be really a problem without Cesc". Chelsea will face Newcastle United in their next Premier League fixture following a goalless draw with Southampton on Wednesday.
    Pakistan's Imran Khan Meets with Turkey's Erdogan

    Pakistan's Imran Khan Meets with Turkey's Erdogan

    To pay homage to Maulana Jalaluddin Rumi, the prime minister and his delegation visited the great Sufi saint's mausoleum. According to the sources, both leaders discussed different global , regional, and bilateral issues.
  • Ariana Grande Will Headline Coachella After Kanye West Dropped Out

    Ariana Grande Will Headline Coachella After Kanye West Dropped Out

    Reportedly, Goldenvoice, the company responsible for dealing and accommodating the talent, refused to give Kanye a special stage. The 2019 line-up features headliners Childish Gambino , Tame Impala and Ariana Grande .
    Infiniti QX Inspiration concept unveiled

    Infiniti QX Inspiration concept unveiled

    The premiere of the prototype will take place in mid-January in the framework of the Detroit motor show. Details are still scarce, but Infiniti has released a new photo of the QX Inspiration .
    Ariana Grande Debuts 'Thank U, Next' Bloopers & Deleted Scene!

    Ariana Grande Debuts 'Thank U, Next' Bloopers & Deleted Scene!

    Ariana Grande's next album, also entitled " Thank U, Next " is due to release at some point later this year. What are your views on this new video? "This made me so happy", added another.
  • Ocasio-Cortez suggests 70% tax for wealthy to fund climate change plan

    Ocasio-Cortez suggests 70% tax for wealthy to fund climate change plan

    But Ocasio-Cortez is carrying her knack for social media, which includes creatively responding to trolls, to her elected life. This week, Ocasio-Cortez was sworn in as a representative for NY as part of the House's new Democratic majority.
    Aryna Sabalenka beats Alison Riske to clinch Shenzhen Open title

    Aryna Sabalenka beats Alison Riske to clinch Shenzhen Open title

    The 20-year-old won her second career title in Wuhan three months ago, when she began to attract the eyes of Chinese fans. Next up for Sabalenka is a meeting with Wang Yafan , who came from a set down to beat Monica Niculescu.
    U.S. Manufacturing Expanded at Slower Pace in December

    U.S. Manufacturing Expanded at Slower Pace in December

    Sentiment was curbed by uncertainty relating to Brexit , trade frictions and the slowdown in the automotive industry. In spite of a moderate increase in backlogs in December, the pace of job creation eased to an 18-month low.


Most liked

Coma Patient in Phoenix Health Facility Gives Birth to Baby Boy
The woman, who has remained nameless, was a victim of a near-drowning accident "at least a decade ago". As a Healthcare provider, we can not comment on any patient due to Federal and State privacy laws.

After Historic Flyby, New Horizons Probe Treks Deeper on Hunt for Moons
Data transmission will resume on January 10, starting a 20-month download of the spacecraft's remaining scientific treasures. The picture has been taken with a resolution of 140 meters per pixel and is taken from a distance of 17,000 miles.

Shutdown enters 3rd week as sides talk without resolving border security impasse
Trump is framing the upcoming weekend talks as progress, while Democrats are emphasizing families unable to pay bills. A source familiar with the exchange said the president respects Pelosi and was just kidding with her to make a point.

Rae Sremmurd’s Slim Jxmmi involved in bloody street fight
Detective Senior Sergeant Kathryn Bostock said two men are assisting police with inquiries, however the investigation is ongoing. USA rapper Slim Jxmmi , of the hip-hop duo Rae Sremmurd , confirmed his involvement in an Auckland brawl last night.

Malaysia's king abdicates in historic first
In June, the government and palace faced a near two-week impasse over a plan to appoint a non-Malay as attorney-general. There has been no news so far on which ruler will be appointed as the Yang di-Pertuan Agong's successor.

Bianca Andreescu to play Julia Goerges in ASB Classic Auckland final
Kuzmova went from 4-2 down to 5-4 up, seemingly now on the front foot as Goerges appeared to tighten with the finish line in sight.

Texas man charged with murder after 3 children, woman found shot
Their grandfather Taurus Nelson, who is Kimaria's father, said the innocent little ones didn't deserve to be victims. Court records show that in 2015, Mehmood was convicted of assault causing bodily injury for shoving a family member.

Breathtaking 12 minutes for Chang'e-4's landing
These wheels aren't pneumatic like tires on your auto ; instead, they are made using a metal frame and mesh rolling surface. China has released photos of its lunar rover leaving track marks on the far side of the moon after its historic landing.

Carlos Ghosn to appear in public for first time since arrest
Ghosn's arrest strained Nissan's relations with its French strategic partner Renault , where he remains board chairman and CEO. Ousted Nissan Motor Chairman Carlos Ghosn is set to appear in a Tokyo court on Tuesday.

House price growth stalls
He said there have been indications a softening in the housing market was likely, including weakened consumer confidence. According to the Nationwide survey, annual house price growth UK-wide slowed from 1.9% in November to 0.5% in December.

Video Surfaces of Drake Groping 17-Year-Old Girl During Concert
He then kissed both of her cheeks and forehead before bestowing a kiss on the girl's lips, much to the delight of the crowd. Drake has not responded to questions about the video or issued a public statement since it came to light on Saturday.

Court declares Vijay Mallya a fugitive economic offender under new law
With this, he has become the first businessman to be tagged so under the Fugitive Economic Offenders Act, 2018. He is now wanted here for charges of fraud and money laundering amounting to an estimated Rs 9,000 crore.

Tournament of Champions just another business trip for Brooks Koepka
But it did not show on his scorecard as he sank seven birdies to take an early lead at the first PGA Tour event of the year. Kevin Tway did not watch his father play the 2004 tournament because he had to return home to go back to school.

What's Going On With Apple
That's a big reason global smartphone sales were estimated to have fallen slightly in 2018, as they did the previous year. Sound familiar? Some of those excuses were valid then. "No one expected China to just fall off a cliff like this".

Arsenal’s Ramsey to signs €6.5m-per-year deal with Juventus
When asked after this game whether he wanted Ramsey to stay, Emery danced around the subject with a non-committal answer. And multiple reports have suggested that the Welsh global will remain at the Emirates until the end of the season.