The U.S. economy added just 199,000 jobs in December and the unemployment rate fell to 3.9 percent from 4.2 percent. The December data, released Friday by the Bureau of Labor Statistics, fell far short of economists' expectations of 422,000 job gains.
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Economists noted the barrage of mixed messages coming out of recent job market data: The BLS report came two days after private payroll processor ADP reported that the private sector added 807,000 jobs in December, more than double what economists projected, while the Labor Department’s Job Openings and Labor Turnover Survey reported on Tuesday that a record 4.5 million Americans quit their jobs in November.
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The sluggish labor force participation rate adds to the confusion, said Sam Stovall, chief investment strategist at CFRA Research. Omicron also has threats for labor market inflation. “There’s going to be some hesitation on the part of employees coming back to work,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott.