Rates Ticking Lower As Wage Growth Misses The Mark
Dec employment data this morning; non-farm jobs +139K (158K expected), private jobs +139K (150K expected). Unemployment rate as expected unchanged at 3.5%. Average hourly earnings +0.1% (expected +0.3%), yr/yr average earnings +2.9% down from 3.1% in Nov. Manufacturing jobs continue to decline; the estimate was for those jobs to…