Last Friday’s report on U.S employment was disappointing. The preliminary estimate from the establishment survey showed that employers added only 74,000 jobs in December, well below the 200,000 jobs that had been expected. The estimate of November job growth was revised upward by 38,000 to 241,000.

The separate household survey, from which the unemployment rate is calculated, showed that 143,000 more people had jobs in December than in November. The number of people in the labor force declined by 347,000 and the unemployment rate declined from 7.0 percent in November to 6.7 percent in December.

The BLS press release is here. Calculated Risk’s take are here and here.

It’s been almost four years since employment hit its Great Recession low point, and there are still 1.2 million jobs to be added in order to regain the pre-recession peak.  There has been a hurry-up/slowdown pattern to employment growth in this recovery.  At year end, there was optimism in many quarters that 2014 would see that pattern broken. Maybe not.

Later today, the state Economic and Revenue Forecast Council will issue its report on December revenue collections. The Employment Security Department’s report on state employment in December is due on January 23.