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Friday 10 January 2025

Goldman with the note.

We estimate nonfarm payrolls rose by 125k in December, below consensus of+165k and the three-month average of +173k.

Alternative measures of employment growth generally indicated a sequentially slower pace of jobcreation, and we estimate a seasonal headwind of roughly 50k.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.