Solid Slog

While December job creation was mildly disappointing at 156,000, the real story was the large 0.4% rise in monthly wage growth and the 2.9% rise in Y-o-Y wage growth, the largest Y-o-Y gain since 6/09. Moreover, job gains for October and November were revised upwards by 19,000, the broadest measure of unemployment fell to 9.2%, its lowest level since 4/08, and the participation rate rose to 62.8%. A good report!