Job Market Making Progress

Job Market Making Progress

January 10, 2022

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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