January 10, 2014
U.S. EMPLOYERS HIRED
A TOTAL OF
WORKERS IN DECEMBER
AVERAGE HOURLY EARNINGS
THE UNEMPLOYMENT RATE
1.8% ABOVE LAST YEAR
7.9% LAST DECEMBER
LABOR MARKET DIPS TO END THE YEAR
• Disappointing end to 2013 as payrolls only grew by 74,000 in December, the weakest
monthly job gain since January 2011.
• Unemployment fell significantly, reaching its lowest point in more than five years,
but the decline was largely due to lower labor force participation.
• Job creation did not accelerate as expected in 2013, suggesting that the U.S.
economy and the labor market remain in a fragile state.
After four consecutive months of strong employment gains, U.S. hiring trends plunged in December, possibly showing some effects of poor
winter weather. Employers added just 74,000 workers to their payrolls, the lowest monthly job gain figure in nearly three years and well
below consensus forecasts. With December’s figure, and despite a net 38,000 jobs added to prior months’ totals from revisions,
employment creation averaged only 182,000 per month in 2013—roughly the same as 2012’s figure of 183,000 jobs created per month.