December jobs report is out and smashed expectations

The stock market is surging today after the news that in December, over 312,000 jobs were added to the workforce. This exceeded the Labor Department’s expectations of 182,000 jobs.

From The Hill:

Stocks opened with major gains after the Labor Department reported a gain of 312,000 jobs in December, while the unemployment expanded to 3.9 percent as the labor force expanded by 419,000 workers.

Analysts had expected the economy to add 182,000 jobs to end 2018. The significant overshoot gave a boost to traders after weeks of dismal headlines from the U.S. and abroad. The strong jobs report came after data released this week showed a global industrial slowdown, and Apple slashed its earnings forecast, citing plunging demand.

The President responded to the news by tweeting, “GREAT JOBS NUMBERS JUST ANNOUNCED!”

Some responded that the President’s tweet was insensitive to the federal workers who are not getting paid because of the government shut down over the boarder wall.

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