Economic Statistics for 9 Jan 15
The economy added 252,000 net new jobs in December, while the unemployment rate dipped to 5.6%. Average hourly earnings fell -0.2% while the average workweek was unchanged at 34.6 hours. The fall in the unemployment rate can mainly be attributed to the fact that 273,000 people left the labor force, brining the labor force participation rate down to 62.7%. That’s the second time in the last four months the participation rate has been that low, a level not previously seen since February, 1978.
Wholesale inventories rose 0.8% in November, while a -0.3% decline in sales pushed the stock-to-sales ratio up to a porky 1.21.