Signs of a significant weakening are now being seen in the US jobs market

While the US jobs market continues to appear relatively robust, a deeper look at December's data reveals several signs that point to material weakness emerging.

Executive summary

• While overall nonfarm payroll growth remains relatively solid and the unemployment rate remains relatively low, a thorough analysis continues to show that the strength of the US jobs market continues to moderate.

• In addition to the gradual moderation in strength that has been seen over many months, some signs of more material weakness we…