The latest report from the US Bureau of Labor Statistics showed job growth tapering during the month of December, falling to 156,000 jobs added compared to the upwardly revised 204,000 gained in November.
The unemployment rate rose modestly as a result, increasing to 4.70% from 4.60% prior as the number of workers not in the labor force rose to a record 95,102,000 individuals. However, despite the weakness on a headline basis, the silver lining was the best wage growth in years.
According to the data, average hourly wages grew by 0.40% in December and 2.90% over the last twelve months, the fastest pace of incline since 2009 in a sign that a tightening labor market is leading to wage growth. In the meantime, US equity futures remain just shy of intraday record highs, with Nasdaq futures remaining firmly above 5000.