U.S. adds 103,000 jobs in December

In December the nation’s economy added 103,000 jobs and the unemployment rate dropped to 9.4%, its lowest level in 19 months. But job growth fell short of expectations based on a strengthening economy. And the drop in unemployment was partly due to people having stopped looking for work. Private employers added a net total of 113,000 jobs last month and the government shed 10,000 jobs, the Labor Department says. “It’s a bit of a mixed bag,” says Ryan Sweet, an economist at Moody’s Analytics. Many analysts hoped to see larger job gains, and the drop in the unemployment rate is unlikely to be sustained, he says. “The labor market ended last year with a bit of a thud,” Sweet says, “but I think things will get much better this year.” The economy has shown signs of steady improvement in recent weeks, leading many economists to expect more job creation.