U.S. Dec Nonfarm Payrolls Up 50,000, Jobless Rate at 4.4%


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The U.S. labor market recovered slightly in December 
to add 50,000 jobs, pushing the unemployment rate down to 4.4% from November's 
four-year high of 4.6%, the Bureau of Labor Statistics (BLS) announced Friday 
(1/9).

   Economists on Wall Street had predicted on the average a jobs growth of 
70,000 and a jobless rate of 4.5%.

   December employment trended higher in food services and drinking places as 
well as in health care and social assistance, while the retail sector lost 
jobs, the BLS said.

   The number of people who had been jobless for less than 5 weeks edged down 
to 2.3 million. Those employed part time for economic reasons were little 
changed at 5.3 million.

   The December jobs data will be scrutinized closely for the impact it could 
have on the Federal Reserve's upcoming interest rate decision on January 28.

   Futures markets have priced in a more than 90% probability that the Fed will 
hold U.S. rates steady in a range of between 3.5% and 3.75%.  But some 
economists had been optimistic that the central bank might consider a 25-basis 
point cut this month -- like it did three times between September and December 
-- had the unemployment rate worsened from November's 4.5%




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