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ECONOMICREPORT

Jobgrowthacceleratesto167,000inDecember

Averagehourlyearningsjump0.5%;joblessrateremainsat4.5%

PrintE-mailDisablelivequotesRSSDiggitDel.icio.usByRexNutting,MarketWatch

LastUpdate:4:10PMETJan5,2007

WASHINGTON(MarketWatch)--JobgrowthintheU.S.unexpectedlyacceleratedinDecember,withnonfarmpayrollsrisingby167,000andthejoblessrateremainingataverylow4.5%,theLaborDepartmentreportedFriday.

Jobgrowthwasmuchstrongerthanthe100,000expected,dashingfleetinghopesheldbysomethattheFederalReservewouldcutinterestratessoon.

Theunderlyingrecoveryremainsintact,wroteStevenWieting,aneconomistforCitigroupGlobalMarkets,inanotetoclients.

Wecontinuetobelievethatmonetarypolicyisonholdfortheforeseeablefuture,JoshuaShapiro,chiefeconomistforMFRInc.,wroteinanemailfollowingthesolidreport.

Bondsandstockssoldoffonthenews.Theoddsofaratecutinthefirsthalfoftheyearfellto52%from86%beforethedata,accordingtotheChicagoBoardofTrade'sfederalfundsmarket.SeeMarketSnapshot.

Jobgrowthintheprevioustwomonthswasrevisedhigherbyatotalof29,000.

EconomistshadexpectedjobgrowthtoslowfromNovember'supwardlyrevised154,000,especiallyafterWednesday'sADPemploymentreport,whichshoweda40,000declineinprivate-sectorpayrolls.SeeEconomicCalendar.

JoelPrakken,presidentofMacroeconomicAdvisers,whichcomputestheADPindex,wasunapologeticaboutthebigdiscrepancybetweentheADPandgovernmentnumbers,sayinghewouldn'tbesurprisedifthegovernment'sdatawererevisedlower.

Wearen'ttryingtoforecasttheinitialestimate,Prakkensaid,wearetryingtogetitright.

ThegovernmentsaidFridaythatpayrollsgrewby1.84millionin2006,anaverageof153,000permonth.Revisionstobepublishednextmonthwilllikelyincreasethattotalsignificantly.

Growthaveraged136,000amonthinthefinalquarteroftheyear.Fedresearchershavesaidtheeconomyneedstoaddabout100,000jobspermonthtoabsorbnewentrantsintotheworkforceandmaintainasteadyunemploymentrate.

Withstrongjobgrowthin2006,thejoblessratefellfrom4.9%atthebeginningoftheyearto4.5%.Readthefullrelease.

Averagehourlyearningsjumpedby8cents,or0.5%,faraheadofthe0.3%riseexpected.Overthepast12months,averagehourlyearningshaveincreased4.2%,morethandoubletheinflationrateandthefastestgrowthsincelate2000.

Withproductivityslowing,theaccelerationinearningswillkeepFedofficialsfocusedoninflationarypressuresinthetightlabormarket.Ontheotherhand,fasterwagegrowthshouldalsosupportconsumerspending,keepinggrowthontrack.

December'sjobgrowthcameinstrongdespitelossesinthreekeysectors:Construction,manufacturingandretail.

Constructionjobsfellby3,000afterseasonaladjustment.Residentialconstructionjobsfellby16,000,butthoselosseswerepartiallyoffsetbygainsinnonresidentialconstruction.

Manufacturingjobsdroppedby12,000inDecember,thesixthconsecutivedecline.Inthepastyear,factoryjobshavefallenby72,000.ThelossesinDecemberwereconcentratedinautos,primarymetalsandtextiles.Of84manufacturingindustries,44.6%wereaddingjobsinDecember.

Thisisterriblenews,saidPeterSchiff,presidentofEuroPacificCapital.TheproblemsoftheU.S.economyarejustgettingworse.Wedestroyed12,000goods-producingjobs.

Retailfirmscut9,000jobsafterseasonaladjustment.Retailjobsfellby58,000in2006.

Jobswereaddedinmosteveryothersector.Of278industries,58.6%wereaddingjobsinDecember.

Jobgrowthwasstronginprofessionalservices,whichadded50,000workersinDecemberand420,000inallof2006.

Healthcareadded31,000jobsinDecemberand324,000intheyear.

Employmentinfoodservicesincreasedby23,000inDecemberand304,000fortheyear.

Intheseparatesurveyofhouseholds,thegovernmentreportedemploymentgainsof303,000inDecemberandanincreaseinunemploymentof23,000to6.85million.In2006,thehouseholdsurveyindicatedjobgrowthof3.14million.

Thelabor-forceparticipationrate(thepercentageofadultsworkingorlookingforwork)roseto66.4%from66.3%.Theemployment-populationratio(thepercentageofadultsworking)roseto63.4%from63.2%.That'sthehighestemploymentratesinceSeptember2001.

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RexNuttingisWashingtonbureauchiefofMarketWatch.