The U.S. Bureau of Labor Statistics (BLS) released its employment / unemployment report for December on January 5th, 2024.
Employment Up- Unemployment Down
- Adjusted U-3 was 3.7% unchanged from November
- Unadjusted U-3 was 3.5% unchanged from November
- Unadjusted U-6 was 7.0% Up from 6.7% in November
- Labor Force Participation was 62.5% down from 62.8% in November
- Unadjusted Employment fell from 158.395 million to 158.228 million
Summary:
Total Employed decreased in December, Labor Force Participation was down but Unemployment was unchanged.
According to the Commissioner of the U.S. Bureau of Labor Statistics:
Total nonfarm payroll employment increased by 216,000 in December, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in government, health care, social assistance, and construction, while transportation and warehousing lost jobs…
The unemployment rate held at 3.7 percent in December, and the number of unemployed persons was essentially unchanged at 6.3 million. These measures are higher than a year earlier, when the jobless rate was 3.5 percent and the number of unemployed persons was 5.7 million.
You can read the full BLS report here.
As usual, they are talking about “Seasonally Adjusted Jobs”.
Looking at the Unadjusted Establishment Survey report we see…Originally the BLS reported employment of 158.461 million for November which they adjusted to 158.395 million in December (for a loss of -66,000 jobs). They are currently reporting 158.228 million jobs for December which is actually a loss of -233,000 jobs compared to their original numbers. This in confirmed by the decline in the LFPR which fell from 62.8% to 62.5%.
BLS Source
Current Unemployment Rate Chart
Adjusted Unemployment is slightly above the pre-COVID 2019 cyclical lows of 3.5% as well as above the lows made earlier this year. Current levels are still within the “Green Zone”.
