Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

Friday's jobs report missed expectations, but still delivered solid numbers, showing the U.S. economy added well over 100,000 jobs and the unemployment rate remained near a 50-year low.

The big picture: BLS reported that the number of people who were employed part time but would rather be full-time employees declined by 507,000 over the year.

  • The number of people who wanted to find a job and had looked but couldn't and had given up, fell by 310,000 in 2019.
  • The number of discouraged workers fell by 98,000.
  • The U6 unemployment rate, which includes these categories of workers, fell to 6.7% in December, a new cycle low and the lowest in at least a quarter century.
  • Wages for production and nonsupervisory workers rose 3% in December

The other side: The wage increases for production and nonsupervisory workers had hit a decade high of 3.6% in October, showing a glaring deceleration to December.

  • Overall, wages grew 2.9%, which was the lowest level in a year and a half and well below the 2018 average of 3.3%.
  • “It’s easier to get a job than a raise in this economy,” Diane Swonk, chief economist at Grant Thornton, told the New York Times.

Between the lines: The average work week fell to 34.3 hours per week — indicating a lack of demand for labor at what should be a high-demand time of year.

  • DRW Trading rate strategist Lou Brien also points out that the last time the unemployment rate was this low, in 1969, "the annual wage growth for the production and non-supervisory workers was above six percent, more than double the current level."
  • "To say the least, the current level of wages does not suggest stiff competition for workers."

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Jobs of the future aren't exempt from the pandemic recession

Illustration: Rebecca Zisser/Axios

The wave of unemployment connected to the pandemic even includes jobs that had been set to grow in a more digitally enabled future.

The big picture: The pandemic has accelerated shifts in the job market that will prioritize digital skills of all kinds. But the sheer job destruction of the past few months is so great that even the best-prepared fields haven't escaped losses.

Jobless claims show unemployment shifting, not falling

Data: Department of Labor; Chart: Andrew Witherspoon/Axios

Thursday's jobless claims report showed U.S. unemployment appears to be turning a corner, but it may not be the one those anxious for an economic recovery are hoping for.

What happening: Unadjusted initial jobless claims for the week ending Aug. 1 fell below 1 million for the first time in 20 weeks, while the number of people receiving traditional unemployment benefits fell below 16 million for the first time in 17 weeks for the week ending July 25. Continued claims are reported with a two week lag.

Household debt and credit delinquencies dropped during Q2

Reproduced from New York Fed Consumer Credit Panel; Chart: Axios Visuals

Americans cut back on credit cards and increased savings during the worst three-month economic period in U.S. history, as household debt fell for the first time in six years, data from the New York Fed showed.

By the numbers: Total debt declined 0.2% to $14.27 trillion in the second quarter, led by a $76 billion drop in outstanding credit-card balances.