Wage Growth Increases Less Than Expected

The December jobs report is out, and average hourly earnings grew 0.1% month over month and 1.8% year over year.

Analysts were expecting 0.2% MoM growth and 1.9% YoY.

Only 74,000 workers were added to nonfarm payrolls in December, a huge miss from the consensus estimate of 197,000.

Still, the unemployment rate dropped to 6.7% from 7.0%.

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