US Added 223k Jobs in December as Wage Growth Softens

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  • #48974
    Truman
    Participant

    Nonfarm business sector labor productivity increased 0.8% in the third quarter (consensus +0.3%) versus the preliminary estimate of 0.3%. Unit labor costs, meanwhile, were up 2.4% versus the preliminary estimate of 3.5%.

    The key takeaway from the report was the softer unit labor cost reading, which was deemed to be a supportive development for the peak inflation view. However, it bears pointing out that productivity is still weak in general, evidenced by the understanding that nonfarm business sector labor productivity decreased 1.3% from the same quarter a year ago.

    Treasury yields took a noticeable turn lower following the release. The 2-yr note yield is down six basis points to 4.29% and the 10-yr note yield is down four basis points to 3.47%.

    #49038
    Truman
    Participant

    Continuing Claims Rise to February Levels

    Initial claims for the week ending December 3 increased by 4,000 to 230,000 (consensus 220,000) and continuing claims for the week ending November 26 increased by 62,000 to 1.671 million.

    The key takeaway from the report is that continuing jobless claims hit their highest level since February 2022, suggesting perhaps that it is becoming more difficult to find a job as employers are taking a more cautious-minded approach with their hiring plans.

    The four-week moving average for initial claims increased by 1,000 to 230,000.
    The four-week moving average for continuing claims increased by 43,250 to 1,582,250.

    The total number of continued weeks claimed for benefits in all programs for the week ending November 19 was 1,284,024, a decrease of 83,896 from the previous week. In the same week a year ago, there were 1,947,630 weekly claims filed for benefits in all programs.

    Yields:
    2-yr: +7 bps to 4.31%
    3-yr: +7 bps to 4.05%
    5-yr: +9 bps to 3.70%
    10-yr: +7 bps to 3.48%
    30-yr: +5 bps to 3.47%

    #49830
    TradersCom
    Keymaster

    Initial claims remain at remarkably low levels associated with a tight labor market. In turn, a tight labor market will remain associated with more Fed tightening.

    Initial jobless claims for the week ending December 17 increased by 2,000 to 216,000 (consensus 225,000).
    The four-week moving average for initial claims decreased by 6,250 to 221,750.

    Continuing jobless claims for the week ending December 10 decreased by 6,000 to 1.672 million.
    The four-week moving average for continuing claims increased by 30,250 to 1,657,250.

    The total number of continued weeks claimed for benefits in all programs for the week ending December 3 was 1,537,044, a decrease of 49,110 from the previous week. In the same week a year ago, there were 2,138,003 weekly claims filed for benefits in all programs.

    #50123
    Truman
    Participant

    Initial jobless claims for the week ending December 24 increased by 9,000 to 225,000 consensus 220,000) while continuing jobless claims for the week ending December 17 increased by 41,000 to 1,710,000.

    The key takeaway from the report is the level of continuing jobless claims is the highest since February and up noticeably since September when it was just shy of 1.350 million, suggesting that a very tight labor market is showing some signs of loosening up based on the extended time it is taking for dislocated employees to find a new position

    The four-week moving average for initial claims decreased by 250 to 221,000.
    The four-week moving average for continuing claims increased by 25,250 to 1,679,500.

    The total number of continued weeks claimed for benefits in all programs for the week ending December 10 was 1,619,728, an increase of 91,461 from the previous week. In the same week a year ago, there were 2,177,372 weekly claims filed for benefits in all programs.

    #48632
    TradersCom
    Keymaster

    US Nonfarm Payrolls in December rose 223,000 rose higher than the expected 210,000 after the prior increase revised 256,000 increase in November (from
    [See the full post at: US Added 223k Jobs in December as Wage Growth Softens]

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