The Labor Department reports that the economy added 156,000 new jobs in December. That was below expectations. Economists expected 180,000 new non-farm jobs. The unemployment rate edged up to 4.7% from 4.6% as more people entered the labor force in search of work. Average hourly wages rose 0.4% to $26. Hourly pay increased 2.9% in 2016, a seven year high. The U6 rate which consists of the unemployed, people who can only find part-time work, and discouraged jobseekers who’ve recently given up looking was 9.2%. It’s been falling gradually, but it’s still above the 8% level hit before the Great Recession got underway in December 2007.
The Commerce Department reports factory orders fell 2.4% in November, slightly more than the 2.3% drop forecast by economists. October was revised upward to a 2.8% gain. Compared to a year ago, orders are down 1.8%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
