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Jan 07 - 10:55 AM

USD: Jobs Report: Downside Surprise; Expecting Soft Employment For Next 2 Months - CIBC

By eFXdata  —  Jan 07 - 08:59 AM

CIBC Research discusses its reaction to today's US jobs report for the month of December.

"The US labor market provided a downside surprise in December, showing that employers continued to face challenges in filling job vacancies given the ongoing labor shortage. The 199K jobs created in December was below the consensus expectation of 450K, but the downside was partly mitigated by a +141K revision to the prior two months. The unemployment rate fell to 3.9% vs. 4.1% expected, as the household survey showed a gain of 651K jobs while the participation rate didn't make any progress. Wages were stronger than expected, rising by 0.6% on the month, as employers attempted to attract workers," CIBC notes. 

"The retail trade sector shed jobs, reflecting the fact that holiday shopping took place earlier than normal this year as fears around supply chain issues loomed large. The leisure and hospitality sector was the single largest contributor to the job gains (+53K). However, that won't last in the months ahead given the spread of omicron. Indeed, we expect continued softness in employment, and particularly hours worked, over the next couple of months," CIBC adds. 

Source:
CIBC Research/Market Commentary

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