The Bureau of Labor Statistics reported significantly better than expected jobs numbers for December of 200K. Private sector jobs totaled 212K during the month, up from November’s 120K level.
The unemployment rate dropped to 8.5% from November’s 8.7%. Average hourly earnings and the average workweek both ticked up, rounding out an overall very positive labor market report.
This report adds to the growing list of evidence showing positive momentum in the U.S. labor market. We saw that in Thursday’s ADP report and have been seeing that in the weekly jobless claims data as well.
The market hasn’t been as enthusiastically responding to the positive run of data this week as one would have expected, likely worries about Europe keeping it in check. Should we be looking for a much more positive response from the market to today’s numbers?
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