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US jobs: December dampener
The December US jobs report shows 145,000 jobs were created last month, which was a touch weaker than the 160,000 consensus, while there were a net 14,000 downward revisions to the previous couple of months. The details have manufacturing jobs shrinking by 12,000 after the major swings seen in October and November relating to the recent strike action by GM staff. We continue to be concerned about the prospects for jobs here given the weakness in business surveys, such as the ISM. Construction was up 20,000 and is likely to continue being a positive contributor given growing optimism in the housing market (NAHB home ... (full story)