- The employment data released last week reveal a decline in economic activity. New claims for unemployment insurance remain high at 787,000. More than 10.7 million people remain unemployed; the unemployment rate held steady at 6.7%.
- The CES employment numbers for December reveal a continuation of the steady decline in job creation from the peak achieved in June, showing an actual decline of 140,000 jobs.
- It seems clear that the trends are not consistent with the FOMC's making substantial progress on its full employment objective.
For further details see:
Jobs, As The New Year Begins