Net job creation in the United States in December was significantly lower than expected.
Once again, it is not the lack of offers but the shortage of manpower that has limited hiring.
The 199,000 new jobs in December estimated by the labor department nevertheless reflect solid growth, although the figure is twice lower than expectations.
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Several indices show that it is indeed the lack of manpower which slows down job creation.
The first is the new fall in the unemployment rate.
It plunged from 4.2% in November to 3.9% in December, a level generally associated with near full employment.
Unemployment is calculated through a household survey, while employment is measured through a separate business survey.
The other sign of labor market dysfunction came earlier in the week with the release of unfilled job figures in November.
America then had more than 10 million ...
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