U.S. Outlook: U.S. jobs engine remains intact
While the headline net jobs gain from the December payroll report (156K) was somewhat below consensus expectations for 175K net new jobs, the details of the report reveal a solid U.S. labor market with plenty of fuel left in the tank.
For more, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Jan. 6.Key observations:
- Job growth for November was revised up 204K from an originally reported 178K.
- The payroll report for December revealed some encouraging job growth in manufacturing (17K).
- A strong U.S. dollar and potential trade disputes could be a major headwind against full-blown recovery in U.S. manufacturing activity and jobs in 2017.
- If job growth remains near current levels, the U.S. unemployment rate — which ticked up to 4.7% in December — has further room to decline in the months ahead.