US non-farm payroll employment rose only 199k in December, much worse than expectation of 400k. Overall job growth averaged 537k per month in 2021. Non-farm employment remained -3.6m, or -2.3%, from its pre-pandemic level in February 2020.
Unemployment rate dropped to 3.9%, down from 4.2%, better than expectation of 4.1%. Number of unemployed persons dropped -483k to 6.3m. Labor force participation rate was unchanged at 61.9%, remain -1.5% below pre-pandemic level.
Average hourly earnings rose strongly by 0.6% mom, above expectation of 0.4%.
