While the disappointing job gain during the month is likely a statistical fluke and will eventually be revised higher, it does highlight an important point. Namely that after the temporary boost from the deficit-financed tax cuts fade later this year, job growth is destined to slow sharply.
With no more unemployed or underemployed to hire, fewer immigrants coming into the country to work, and the boomers retiring, job growth will significantly throttle back. By early in the next decade, months in which job growth comes anywhere near December’s 148,000 gain will be the fluke.
U.S. job growth slowed more than expected in December amid a decline in retail employment, but a pick-up in monthly wage gains pointed to labor market strength that could pave the way for the Federal Reserve to increase interest rates in March.
Nonfarm payrolls increased by 148,000 jobs last month, the Labor Department said on Friday.
…Average hourly earnings rose 9 cents, or 0.3 percent, in December after gaining 0.1 percent in the prior month. That lifted the annual increase in wages to 2.5 percent from 2.4 percent in November. The unemployment rate was unchanged at a 17-year low of 4.1 percent.
The Hill/Mallory Shelbourne/11-07-17
North Korea has reportedly said that a nuclear conflict in the region is unavoidable, accusing CIA Director Mike Pompeo of provocation.
…“We do not wish for a war but shall not hide from it, and should the U.S. miscalculate our patience and light the fuse for a nuclear war, we will surely make the U.S. dearly pay the consequences with our mighty nuclear force which we have consistently strengthened,” the unidentified spokesperson said in remarks originally reported by the Korean Central News Agency.