Internal Markets Commentary
A bit of everything as the first full week of the year comes to a close
- The U.S. labor market ended the year with less momentum, as payroll gains cooled by more than forecast and wages rose at the weakest annual pace since 2018, even as unemployment held at a half-century low of 3.5%.. Nonfarm payrolls rose 145,000 in December, the least since May, after a downwardly revised 256,000 advance the prior month, according to a Labor Department report Friday. That compares with the median estimate of 160,000 in Bloomberg’s survey of economists. Average hourly earnings climbed a below-forecast 2.9% from a year earlier, the first sub-3% reading since July 2018.