Unemployment beat expectations but payrolls missed expectations in December.

Context: Payroll growth was projected to be 422,000 in December but non-farm payrolls grew by 199,000.

The news was not all bad for the economy, with unemployment falling below estimates and wages rising above estimates.

However, these numbers are without factoring in inflation which has posed problems for the Biden White House.

What this means: The surge in covid cased could have played a role but the Biden administration faces bleak news.

Biden promised to end the pandemic but almost a year into his time in office and payrolls are still below levels in April of 2020 when the pandemic took its grip and bled the progress of the Trump administration.

The biggest job growth sector was in leisure and hospitality.


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