US labour market can withstand the chill

The Fed is unlikely to dwell on the weak result for US non-farm payrolls during an unseasonably cold winter. The taper will go ahead, but there may be some bumps in the labour market recovery.

The US unemployment rate fell to 6.7 per cent in December, down from 7.0 per cent in November, while non-farm payrolls disappointed. However, the labour market data is not as good or as bad as the headlines suggests; there is more than meets the eye.


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