U.S. Economy Adds Just 74,000 Jobs in December
The U.S. economy added just 74,000 jobs in December. This was the weakest report in 3 years. This was much less than the 241,000 jobs the economy gained in November and also lower than the 200,000 jobs gain in October. The unemployment rate fell to 6.7%.The biggest increase in December was retail trade, which added 55,000 jobs. However, this clearly was not enough to make for a good month. Drop include the information industry, which lost 12,000 jobs and the sound recording industry, which lost 14,000. Construction employment fell by 16,000 jobs. Health care employment had a rare drop of 6,000 positions.
Reuters reports that weather played a role in the weakness, such as in construction. A Forbes article also says weather was a factor in the December report. However, even without the cold and snowy weather it would not have been a great month.
Posted on January 10, 2014