WEAKER WORK
01/12/2026 |
December job growth was a listless 50,000. Worse, October/ November growth was reduced by 76,000. While the unemployment rate declined, it did so only because the labor force participation rate fell. More generally, monthly job growth averaged just 29% of what it was in 2024, and if you strip out healthcare Y-o-Y job growth was zero. The labor market continues to gradually weaken. The Fed should cut rates in March.