Economics

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US economy added 50,000 jobs in December, capping off one of the weakest years of job gains in decades (www.cnn.com)

submitted 1 week ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Hiring slowed more than expected in December, a sluggish end to what was one of the weakest years of job growth in decades, a dynamic that further amplified America’s affordability crisis.

The US economy added an estimated 50,000 jobs last month, slowing from a downwardly revised 56,000 jobs added in November, according to Bureau of Labor Statistics data released Friday.

Still, the unemployment rate edged lower to 4.4% from a revised 4.5% in November.

Economists were expecting a net gain of 55,000 jobs in December and an unemployment rate of 4.5%, according to FactSet consensus estimates.

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[–] timbuck2themoon@sh.itjust.works 17 points 1 week ago (1 children)

Exactly. I wouldn't doubt we lost jobs.

It's quite easy to imagine when the administration can be trusted with precisely nothing except greed, corruption, and fascist acts.

[–] pdxfed@lemmy.world -1 points 1 week ago

The administration, if anything though, would want to pull the numbers down, to show weak hiring/job losses as that would compel the fed to more aggressively lower rates. This is because they want to lower rates to juice business profitability and maybe accidentally help a few Americans so they might get reelected. That paradigm is basically changed though because lower rates no longer leads to much job creation delta, businesses hire pretty much when they need to regardless. It's not 1970.