'The Labor Market Would Like You All To Stop Panicking Now Please': Economists React To December Jobs Report On Twitter
Nonfarm payroll employment increased by 312,000 jobs in December, the U.S. Bureau of Labor Statistics reported Friday, marking the country's 99th straight month of employment gains. The unemployment rate ticked up to 3.9%, largely due to more people returning to the labor force.
Year-over-year wage growth grew 3.2%, the most since 2009, Bloomberg reports.
Job gains were led by the healthcare industry, which added 50,000 jobs in December, as well as construction, which added 38,000 jobs. Construction employment increased by 280,000 jobs over the year.
Here's how economists and others reacted to the jobs report on Twitter:
+312k payroll jobs. Huuuuge.— Neil Irwin (@Neil_Irwin) January 4, 2019
The labor market would like you all to stop panicking now please— Martha Gimbel (@marthagimbel) January 4, 2019
This report is basically one giant middle finger to the financial markets.— Ernie Tedeschi (@ernietedeschi) January 4, 2019
Yeah, sure, employment is a lagging indicator, but whatever the opposite of a recession-alarm-bell report, this is it.— Neil Irwin (@Neil_Irwin) January 4, 2019
December Jobs: HUGE 312,000 new payrolls vs. 177,000 consensus. 3.9% unemployment rate, up 0.2%, as participation rate also rises. Over the year, average hourly earnings have increased by 84 cents, or 3.2%.— James Pethokoukis (@JimPethokoukis) January 4, 2019
HUGE +312K jobs gained last month (mid-Nov to mid-Dec).— Aaron Sojourner (@aaronsojourner) January 4, 2019
Continues longest streak of monthly job growth on record = 99 months! Job growth turned positive Oct 2010.
Longest streak of private-sector job growth too, since Apr 2010.
Even if the +312k jobs numbers is an aberration (it is), combined with the labor force participation rise it is a sign that employers keep finding new workers despite low unemployment. A hot labor market makes a lot of good things happen.— Neil Irwin (@Neil_Irwin) January 4, 2019
There’s been a weird bubble in recession talk. When payrolls grow at +254k jobs per month over the past three months WE ARE NOWHERE NEAR A RECESSION.— Justin Wolfers (@JustinWolfers) January 4, 2019
Absolutely no recession signals in this jobs report. It may be some snap back from previous months' weather distortions. But it's very solid. Only concern about it is what the Fed does now. https://t.co/G2aiBR0xjw— Ben White (@morningmoneyben) January 4, 2019
Looks like the job market didn't get the recession memo. Jobs up 312K(!); unemp up but mostly for good reason (more people in workforce), wkly hrs up, nom wages up 3.2%, 70% of pvt inds create net jobs. Strong report; very inconsistent with equity market's swoons.— Jared Bernstein (@econjared) January 4, 2019
We should not be running such large budget deficits/raising so little in taxes given this strong economy. (And don’t go claiming this is supply-side in action.) https://t.co/zDTlwdP6WX— Diane Lim (@economistmom) January 4, 2019
The problem with strong jobs increase in a slowing economy is that productivity growth is likely weak, which ultimately limits room for higher wages (or eventually creates inflation.) https://t.co/WzddvBDrvM— Steven Rattner (@SteveRattner) January 4, 2019
Great employment report showing that the labor market remains strong. But note that concerns about the economy are about where it is headed not where it is at, so don’t let this report reassure you much.— Betsey Stevenson (@BetseyStevenson) January 4, 2019
goods producing had a great month.— Michael Madowitz (@mikemadowitz) January 4, 2019
construction was also much healthier than in recent months, but this is a strong report across the board https://t.co/BMd2FVO8m4
This is indeed THE question. Think the slowing is more than bargained for because it is driven by global economy and global capital markets as much as US data/labor markets. https://t.co/HCFuzWKjH3— Constance L Hunter (@ConstanceHunter) January 4, 2019
Up in smoke...all those forecasts of a rate cut!! I mean, c’mon, when real rates are zero and jobs and wages are rising, how could the Fed cut rates.— Brian Wesbury (@wesbury) January 4, 2019
QUIET YOU https://t.co/OG0IKehA7q— Ernie Tedeschi (@ernietedeschi) January 4, 2019