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US: Jobs growth slows to 1.56 million in December

  • US businesses have added just 1.56 million jobs in December 2016 in the last release of key economic data. This figure came at a time when Donald Trump is about to be sworn in as the new president. Trump, who will take office on 20 January, has pledged to create 25 million jobs over 10 years.

    The figure of of jobs created has fell from an upwardly revised 204,000 in November and came in below market expectations of 175,000 new roles. With this, the jobless rate has increased last month to 4.7% from 4.6%.

    According to the US Bureau of Labor Statistics, the annual rate of wage growth increased in December to 2.7% which is the quickest pace of growth since June 2009.

    The last year under Barack Obama's presidency witnessed job growth reached down to 2.2 million, from 2.7 million in 2015.