Something Unusual Is Going On With The Monthly Jobs Data

Monthly jobs data released by the U.S. Bureau of Labor Statistics are following an unusual pattern: volatility in the numbers is at its lowest level since 1997.

"If there's a theme to close the year with, it's the lack of volatility in the monthly U.S. nonfarm payroll data," says Kit Juckes, a global strategist at Société Générale. "The first Friday of the month has seldom been so dull."

The blue line in the chart below shows the rolling 12-month standard deviation of the monthly change in nonfarm payrolls.

In November, the measure stood at 59,000, the lowest since August 1997's 45,000 reading - and as the chart shows, it has been lower only a handful of times in the post-war period.

The red line shows the average rolling 12-month standard deviation over the last 30 years (115,000).

For now, slow and steady is the name of the game when it comes to payroll growth in the United States.

Business Insider/Matthew Boesler (data from St. Louis Fed)