The SPDR S&P 500 ETF Trust (NYSE: SPY) traded lower by 0.3% Friday morning after the Labor Department reported disappointing U.S. jobs market numbers from December.
The U.S. added 199,000 jobs in December, missing consensus economist estimates of 422,000 jobs. The U.S. unemployment rate fell to 3.9% from 4.2%. The labor participation rate was unchanged at 61.9%, its highest level since March 2020.
Related Link: Here Are The Jobs Americans Are Quitting Most In The ‘Great Resignation’
Wage growth was 4.7%, down slightly from 4.7% in November.
The Labor Department also revised October’s total job growth higher by 102,000 jobs to 648,000 and November’s job growth higher by 39,000 jobs to 249,000. The combined revisions totaled 141,000 additional jobs.
The leisure and hospitality industry led the job creation in December, adding 53,000 positions. Unfortunately, employment in the leisure and hospitality industry is still down by 1.2 million jobs since February 2020.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.