Job Market Making Progress

Job Market Making Progress

January 10, 2022
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Many analysts were disappointed by last Friday's job report for December, but we think the headline masks an overall report that shows continued improvement in the labor market and a possible surge in small-business start-ups and entrepreneurship.

Nonfarm payrolls rose 199,000 in December versus a consensus expected 450,000.  Payroll growth was revised up a combined 141,000 in October and November, which brought total growth to a still short, but respectable, 340,000.  This was the fourth time in the last five months that payrolls missed consensus expectations. 

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