December Nonfarm Payrolls Rose 103.000; Unemployment Rate At 9.4%
(For December 2010)
Nonfarm payrolls rose 103.000 in December. The consensus was at 160.000, November reading was an increase of 71.000 (revised +42.000). The unemployment was reported at 9.4% vs. prior reading of 9.8% and consensus of 9.7%.
Private payrolls were up 113.000 vs. 180.000 consensus and 79.000 reading in November (revised +29.000).
Average weekly hours worked for private employees stayed unchanged at 34.3.
Huge miss in both nonfarm payrolls and private payrolls. Unemployment rate fell on reduced participation in labor force (lowest since ’80s). All in all weak report, especially having in mind rosy sunglasses sentiment.
Chart 1. Nonfarm Payrolls & Unemployment Rate
Chart 2. US Average Weekly Hours All Employees
Nonfarm Payrols, U.S. Average Weekly Hours Worked, Unemployment Rate