Despite Gradual Slowing of Job Growth, Labor Market will Still Feel Tight in 2020
The US economy added 145,000 jobs in December, and previous months were revised down slightly. The unemployment rate remained at 3.5 percent. This month's job growth was in line with The Conference Board's view that the labor market appears to be in a healthy state.
Job creation was mainly concentrated in the services sector as well as in construction, while the decline of 12,000 jobs in manufacturing shows that this part of the economy is still weak. However, easing trade tensions between China and the US may help to further improve business confidence in 2020, as The Conference Board reported earlier this week.
With this month's increase in employment, the labor market ended 2019 on solid footing. In 2019, the unemployment rate reached its lowest point since the late 1960s and job growth was...
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