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Employment <br />-400 <br />-200 <br />0 <br />200 <br />400 <br />600 <br />800 <br />1,000 <br />MOM Change In Thousands (000's)Nonfarm Payroll (000's) <br />Non-farm Payroll (000's) <br />3-month average (000's) <br />0.0% <br />5.0% <br />10.0% <br />15.0% <br />20.0% <br />25.0% <br />Unemployment Rate <br />Underemployment Rate (U6) <br />Unemployment Rate (U3)Rate (%)The U.S.economy added 216,000 jobs in December, exceeding consensus expectations of 175,000,and the last two months were revised <br />down by 71,000 jobs.Leading sectors included government,leisure,hospitality,and healthcare.The trajectory of job creation is gradually <br />moderating,with the three-month moving average payrolls at 165,000 and the six-month moving average at 193,000.The unemployment <br />rate remained unchanged at 3.7%,and the labor participation rate decreased to 62.5%from 62.8%,falling well below the pre-pandemic <br />level of 63.3%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part <br />time for economic reasons rose to 7.1%from 7.0%last month.Average hourly earnings rose 4.1%year-over-year in December,increasing <br />from a 4.0%gain last month.Employment remains strong by historical standards, but data are trending toward a less robust labor market <br />outlook. <br />Source: US Department of Labor Source: US Department of Labor <br />4