US private payrolls growth slows in December
Published On Jan 8, 2025, 8:27 AM
The U.S. private payrolls growth saw a significant slowdown in December, adding only 122,000 jobs, compared to an increase of 146,000 jobs in November. Economists had expected a growth of 140,000 jobs. This decline follows a period of recovery from disruptions such as hurricanes and strikes. The upcoming broader employment report from the Labor Department may also reflect similar trends, with projections suggesting an overall nonfarm payroll increase of 160,000 jobs for December, up from 227,000 in November, while the unemployment rate remains steady at 4.2%.
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The slowing pace of job growth could indicate underlying weakness in the job market, potentially impacting consumer sentiment and spending. A weaker job market generally puts downward pressure on economic growth, which might affect earnings across various sectors, especially in consumer discretionary and certain industrials industries.
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