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Household Survey Roars Back In A Reminder Of Its Volatility

US DATA
  • Household employment came surging back with a 717k increase in Dec.
  • It follows two still large but smaller than first thought declines in Oct and Nov, with a cumulative -323k vs -466k initially, but with almost 100k fewer cumulative jobs added in Aug-Sep. (i.e. the prior slowdown in household employment has been less stark that previously thought).
  • A strong increase in labour force (439K) and upward revision to Nov (-119k from -186k prior) wasn’t enough to stop the u/e rate falling to just fractionally off record lows at 3.47%.


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