The unemployment rate moved higher to 6.8% in December, above estimates of 6.6% and up from 6.5% in November…

… despite 50K full-time adds, which more than offset a 42K decline in part-time employment (carried results in the prior two months). So, a net 8K gain on an absolute basis…

… that was outpaced by a 30 bps rise in workforce participation, driving the unemployment rate higher.

At the industry level results were mixed - but health care, construction, and manufacturing showed continued strength…

… which we highlighted as likely following the Ivey PMI print. With the imbalance between unemployment and job vacancies persisting…

… we’re still far from a healthy labour market.

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