The employment rate falls thanks to the new sources of employment generated by the US

Know how much the employment rate in the United States has dropped thanks to the 5.3 million jobs.

Job creation in the US has once again fallen short of expectations with 199,000 net new jobs in December, a figure that is far from the 400,000 jobs forecast by the market consensus, however, everything indicates that it is due to the shortage of workers and not a lack of demand from companies. In annual terms, however, the data has been very positive. The US has created some 5.3 million jobs (from December 2020 to December 2021) and the unemployment rate has continued its downward pace to 3.9%, the lowest since February 2020.

Según la encuesta que realiza la Oficina de Estadísticas Laborales a las empresas, en diciembre de 2020 había 143,5 millones de empleados en EEUU, mientras que a finales de diciembre de 2021 la cifra se había elevado a 148,95 millones.

La creación de empleo en la mayor economía del mundo durante este recién comenzado ciclo expansivo ha sido de gran intensidad, puesto que en el peor momento de la crisis el número de ocupados llegó a caer a 130,16 millones. Aunque el crecimiento de la economía y del empleo han sido poderosos, EEUU aún está a cuatro millones de ocupados de alcanzar los casi 153 millones que presentaba en febrero de 2020, antes de que la pandemia del covid llegase al país. Esto es lo que se califica como el misterio de los millones de trabajadores desaparecidos en EEUU.

Returning to the data for the month of December, when it comes to wages, average hourly earnings are up 4.7% year-on-year, less than the 5.1% advance in November (revised from 4.8%) . However, in intermonthly terms there has been a rise, specifically 0.6%. This average hourly wage increased in December 19 cents to 31.31 dollars

The other data known today is that relating to the labor participation rate, which remains at 61.9% year-on-year registered in November (data revised from 61.8%). This labor force participation rate is still 1.5% lower than in February 2020.

Although total hiring was lower than expected, previous monthly totals were revised higher and the decline in the unemployment rate suggests that the labor market remains strong enough for the Fed to consider raising rates already. in March.

"The wages number is the issue here. The Fed just can't ignore it," said Steve Chiavarone, portfolio manager and head of multi-asset solutions at Federated Hermes.

James Knightley, chief international economist at ING, explains in a note that "the fact that unemployment is below 3.9% and that wages increase by 0.6% month-on-month are probably more important for the Federal Reserve in this case".

The factors that are shaping the labor market from 2021 are somewhat unique compared to what happened in the previous decades. The number of vacant jobs (positions not filled) is 10.6 million, a figure that is very close to historical highs, which suggests that companies have serious problems finding all the workers they need.

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