The US economy continued to create new jobs in December, leading to a further decline in unemployment, although it failed to confirm analysts’ estimates in a sign that the recent outbreak of coronavirus due to the highly contagious omicron mutation is beginning to weigh economic activity.
In particular, the US economy added another 199,000 jobs at the end of the year, losing analysts’ estimates of 400,000 in a Reuters poll.
The unemployment rate, meanwhile, fell to a new low for the pandemic period to 3.9% from 4.2% last month, with analysts expecting a smaller drop to 4.1%.
Government figures for November were revised upwards showing 249,000 jobs out of the 210,000 originally announced.
Meanwhile, wages continued to rise, extending the strong earnings of previous months. The average hourly wage increased by 19 cents or 0.6% to $ 30.31. Overall for 2021 wages rose 4.7% to one of the fastest increases in decades. However, even this increase failed to catch up with the inflation rally. Consumer prices rose at an annual rate of 6.8% in November.
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Source From: Capital
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