1/14: MetroIntelligence Economic Update by P. DUFFY

Jobs grew by another 145,000 in December, unemployment unchanged at 3.5 percent

Total nonfarm payroll employment rose by 145,000 in December, and the unemployment rate was unchanged at 3.5 percent. For all of 2019, 2.1 million new jobs were added, versus 2.7 million in 2018 and the smallest annual gain since 2011.



Through December, average hourly earnings rose 2.9 percent year-on-year

In December, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to $28.32. Over the last 12 months, average hourly earnings have increased by 2.9 percent.



December Employment Trends Index indicates ongoing labor market expansion

The Employment Trends Index (ETI) decreased to 109.68 in December and continues to be on a flat trend since the summer of 2018. The decrease marks a 1.2 percent decline in the ETI over the past 12 months. In the current state of the labor market, a flat index is consistent with an ongoing labor market expansion.