Job Growth is Slowing

Our economy added just 245k new jobs last month, but the private sector did add 344k jobs and the government shed 99k jobs, primarily Census workers. The household survey after showing a huge increase of 2.2 million new jobs in October, saw the number of jobs dropped by 74k. Also, 400k people left the labor force and this caused the unemployment rate dropped to 6.7% from 6.9% in October. So, the unemployment rate dropped for the wrong reason. Average weekly earnings are up 5.9% year over year which is a great sign!