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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[–] aldfin@lemmy.zip 2 points 1 week ago

It’s incredible how the market is really not pricing in this weakness at all. The CAPE ratio is at an all time high which normally would really need an excellent growth outlook in order to be justifiable. Historically these valuations have lead to pretty poor investment returns in the next 10 year period.