Private sector job growth slowed in December while jobless claims fell to 235K. This nearly 43 year low pushes the unemployment benefit average to 262K per week, its lowest average since 1973.
According to the ADP employment report, 153K private sector jobs were created in in December, a miss below an expected range of 170K – 175K additions, and down from Novembers adjusted numbers of 215K.
While employment growth fell in comparison to November, the low jobless claims numbers point to a strong labor market of employers not hiring as frequently due to a continuous shrinking pool of qualified candidates, a common theme in economies with a sustained unemployment rate below 5%.
Economists expect the Department of Labor non-farm payrolls to tally at 180k – 183K jobs, a nudge higher than November’s 178K. Unemployment is expected to remain close to its current rate of 4.6%.
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