The much-awaited Bureau of Labor Statistics (BLS) monthly employment report this morning brought something of a negative surprise: 85,000 jobs appear to have been lost in the U.S. during the month of December. This is higher than the consensus expectation of 40,000-50,000 jobs lost in the month, and disappointing after a net gain of 4,000 non-farm payroll jobs in November (which was revised from an initial 11,000 jobs lost figure).
The unemployment rate is within the consensus range at 10.0% — the same figure as in November. Also, the average workweek remains steady at 33.2 hours. So the only figure not within the consensus range for the BLS December numbers is the actual number of jobs lost.
The 85,000 jobs lost figure is in-line with ADP’s (ADP) findings earlier in the week of 84,000 jobs lost in December. The BLS and ADP numbers have lately been notably off from one another.
It would seem the employment situation in the U.S. is stabilizing but not getting better, as was the hope of many, especially after the BLS saw a net jobs gain in November.
Our Chief Strategist, Dirk van Dijk, CFA, will have a more in-depth look at these numbers within the next hour or two.
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