Employment rose more than forecast in December and the jobless rate declined to 5.6 percent, wrapping up the best year for the labor market since 1999 and adding to evidence the U.S. is a standout in the global economy.
Total nonfarm payroll employment rose by 252,000 in December, and the unemployment rate declined to 5.6 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, construction, food services and drinking places, health care, and manufacturing.
Treasuries fell, pushing two-year note yields to the highest level since 2011, after the U.S. added more jobs than estimated in November, reflecting strength in the world’s largest economy as global growth slows.
A broad-based November hiring surge ranging from factories to offices and retailers powered the U.S. economy to the largest number of jobs created in almost three years, triggering long-awaited wage gains.