THE BASIS POINT

December Jobs Report Highlights

BLS Employment Situation Report (December 2016)

– Nonfarm Payrolls (seasonally adjusted) month/month 156,000. Previous was 204,000
– Nonfarm Payrolls (not seasonally adjusted) month/month were -270,000
– Unemployment Rate 4.7%. Previous was 4.6%
– Private Payrolls month/month 144,000. Previous was 198,000
– Labor Participation Rate 62.7%. Previous was 62.6%
– Average Hourly Earnings month/month +0.4%. Previous was -0.1%
– Average Workweek 34.3 hours. Previous was 34.3 hours

 

International Trade (November 2016)

– Trade deficit $45.2 billion. Previous was $42.4 billion

The increased Trade Deficit hurts 4Q2016 GDP. The larger deficit is the result of importing more oil at higher prices and also, on the export side, the result of a stronger dollar and a weakening economy in parts of the world decreasing exports of capital goods.

 
Factory Orders (November 2016)

– Factory Orders month/month -2.4%. Previous was +2.8%.

This is a piece of data which has large month to month variations because it includes large ticket items such as aircraft.