Economists React To December Jobs Report On Twitter
Employers within the private sector added 148,000 new jobs in December, according to the U.S. Bureau of Labor Statistics. This brought the total number of jobs added in 2017 to 2.1 million, compared to 2016's gain of 2.2 million.
Employment in the healthcare sector led the way last month, with employers adding 31,000 jobs in December, followed by 28,000 jobs in construction and 25,000 in manufacturing.
The unemployment rate remained at 4.1%.
Here is how some economists reacted to the news on Twitter.
U.S. employers added 148,000 jobs in December, the 87th straight month of growth. Unemployment rate held steady at 4.1% (lowest sine 2000).https://t.co/1sif9WNmZA— Ben Casselman (@bencasselman) January 5, 2018
With Dec payrolls at +148k, average gain for 2017 was +171k -- a modest slowdown from previous years but impressive for this long a recovery. pic.twitter.com/LSF9CbGsWY— Jed Kolko (@JedKolko) January 5, 2018
Year-over-year nominal wage growth came in at just 2.5%. Wages need to grow much faster, and for a sustained period of time, before it’s safe to say we’ve fully recovered from the Great Recession. When employers are lining up for workers, pay will rise. pic.twitter.com/PdYY6XsqGj— Elise Gould (@eliselgould) January 5, 2018
Despite 87 months of job growth and low unemployment, some industries lost jobs in 2017 -- apparel, many retail industries, and telecoms & broadcast. pic.twitter.com/YdcwROHIWQ— Jed Kolko (@JedKolko) January 5, 2018
Next month, expect stronger wage growth.— Aaron Sojourner (@aaronsojourner) January 5, 2018
Minimum wage increases on Jan 1 in 18 states & many cities will boost wages for 4.5 million.https://t.co/GJwrLp6FIP
Year-end bonuses, including those attributed to tax plan, will kick in.
#Manufacturing #employment has risen by 1,086,000 workers, with 12.54 million employees in the sector, the highest level since January 2009— Chad Moutray (@chadmoutray) January 5, 2018
https://t.co/OGHZfdbf4l #mfg #jobs #outlook #economy pic.twitter.com/JLYWMTOSgo
Analysis: Jobs report should ease Fed fears about unemployment falling too low https://t.co/d7jNHFjcwo— Real Time Economics (@WSJecon) January 5, 2018
My take on Dec and 2017 jobs market. Solid gains continue on pace, but more room-to-run on wages and jobs. Positive, important, macro elasticities are in play (see blk-wht unemp gap) which must be nurtured! https://t.co/nNjF3PLpa4— Jared Bernstein (@econjared) January 5, 2018
"Solid growth in income, wealth effects via buoyant financial markets, and additional disposable income as a result of the recently passed tax cut should keep the consumer on a solid footing in the opening months of 2018, if not longer." - Barclays— James Pethokoukis (@JimPethokoukis) January 5, 2018