Unemployment rate down 0.3% to 6.7%, non-farm payroll jobs increased by 74,000

Credit: Calculated Risk

The unemployment rate fell 0.3% to 6.7% in December and non-farm payroll jobs increased by 74,000, well below the expected number (~200,000, I'd say.) The broader U6 unemployment rate was flat at 13.1%.

The chemical manufacturing subsector lost 1,800 jobs, down to 793,300 people employed.

The unemployment rate for non-high school diploma holders was down 0.8% to 9.8%. The unemployment rate for college degree holders was down 0.1% to 3.3%.

The media this morning has rightly focused on the disappointing payroll numbers -- I think that's fair. Also, the labor force participation rate was down 0.2% to 62.8%. That's not good, either. All in all, a disappointing report. Hopefully, we will leave that behind with the new year.

Thanks, as always, to Calculated Risk for the graph.