Employers added just 74,000 jobs in December, the Labor Department said Friday, the weakest hiring in nearly three years and less than half what was expected, abruptly halting a string of recent rosy reports about the labor market and economy.
The unemployment rate unexpectedly fell to a five-year low of 6.7% from 7%. But that’s only because workforce participation tumbled, pushing the participation rate back to 62.8%, the lowest since 1978. If it had held steady since December 2007, the jobless rate would be 11.2%.
Hours worked fell 0.3% in December, the worst drop in three years. Meanwhile, hourly earnings grew just 1.8% on the year.
(IBD) Worst Jobs Gain In Years Muddles Recovery Story
Posted in Uncategorized