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U.S. Payroll Disappoints – Adds Only 199k Jobs For Last Month Of 2021
United States of America – In the final month of 2021, the US economy created only 199K new jobs, significantly less than the 400K predicted by the market.
Leisure and hospitality (53K jobs), professional and business services (43K jobs), manufacturing (26K jobs), construction (22K jobs), and transportation and warehousing (22K jobs) all saw increases in employment (19K).
In 2021, monthly job creation was expected to be 537K.
As of April 2020, nonfarm employment has grown by a total of 18.8 million people, but it has fallen by 3.6 million, or 2.3%, from its pre-pandemic level of February 2020.
Impact on the labor market of the rapid spread of omicron coronavirus variant is still uncertain and is unlikely to appear until the January report, at least.
Only the first two weeks of December were included in the report, so the spike that began just before Christmas was not included.