QVMS - Employment Gains In December 2022
Summary
- Employment rises in both Household by 723,000, and Establishment by 223,000, reports. Yesterday Job Openings showed a rise as did Quits.
- Employment trends remain in positive trends despite the spate of layoffs in the COVID-favored issues which has been the focus of many.
- Individual reports of US industrials, infrastructure, E&P, vehicle and aircraft manufacturing have continued more positive than expectations.
Employment rises in both Household by 723,000, and Establishment by 223,000, reports. Yesterday Job Openings showed a rise as did Quits. Employment trends remain in positive trends despite the spate of layoffs in the COVID-favored issues which has been the focus of many.
Today’s positive response vs. the negative response last month to rising employment suggests a market psychology shift to believing that economic activity can continue even with rising rates, at least for the immediate future.
From the employment report this morning: "Total nonfarm payroll employment increased by 223,000 in December, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, health care, construction, and social assistance."
Individual reports of US industrials, infrastructure, E&P, vehicle and aircraft manufacturing have continued more positive than expectations. For the near term, positive trends in these issues can be expected to continue and the expectation is higher equity prices should follow.
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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Employment Gains In December 2022