Overall Dec employment data were a mixed....>

US DATA: Overall Dec employment data were a mixed bag, with payrolls 

much softer than expected, but the unemp rate holding at 4.1% and hourly 

earning +0.3% m/m and +2.5% y/y.

- Nonfarm payrolls +148k in Dec, private jobs +146k, both well below 

expectations and following -9k net revision to Oct-Nov jobs. 

- Unemp rate stayed at 4.1% (unrounded 4.095% vs 4.121%), with 

participation rate steady at 62.7%. Household employed rose 

modestly, while unemployed slipped. U-6 unemployment rate +0.1% to 

8.1%. Annual revisions to household data were generally mild.

- Average hourly earnings +0.3% vs +0.1% in Nov for y/y rate of +2.5%. 

- Within payrolls, retail trade jobs fell by 20k, possibly due to 

seasonal issues with holiday hiring, accounting for much of the surprise 

weakness.

- The average monthly payrolls gain in 4Q 204k vs 128k in 3Q.