US DATA: Dec employment report was on the strong side, with payrolls
+200k but revisions to Oct-Nov at -8k on net. Civ unemplymt fell another
0.2 pt to 8.5%, a low since Feb’09 (seasonals were revised so prior mos
changed). Pattern remains that unemployment fell from summer, with labor
force participation steadying and adult male unemployment still falling.
Pvt AHE unch for +1.6% YOY but hrs surged, implying income & production
rose. Payroll composition: Mfg +23k, construction +17k, retail +27.9k,
finance +2k, leisure +21k (+24.7k in restaurants), health +28.7k, and
transport +50.2k (couriers +42.2k; BLS speculated may reflect deliveries
of on-line purchases). Govt -12k as local fell. Still indicates too high
unemployment but growth appeared to gain in Dec due to seasonal spending
Details: Payrolls/Prior Pv AHE,yoy Agg Hrs Civ Unempl Rt/Unrnd
Dec +200k —- +1.61% 102.1 8.5% (8.5108%)
Nov +100k +120k +1.56% 101.6 8.7%r
Oct +112k +100k —— 101.8r 8.9%r