Overview:  The economy added 103,000 jobs in December as the unemployment rate fell to 9.4%.  The ISM index rose 0.4 point to 57.0 in December while the ISM services index rose 2.1 points to 57.1.  Consumer credit increased $1.3 billion to $2.403 trillion in November.  Auto sales rose 2.3% in December.  Factory orders increased 0.7% in November.  Construction spending was up 0.4% in November.  Initial jobless claims rose by 18,000 to a level of 409,000 for the week ended 1/1.

• The economy added 103,000 jobs in December as the unemployment rate fell to 9.4%. The size of the labor force fell by 260,000.  The largest job gains were in healthcare and leisure and hospitality.  In a healthy economy, monthly job gains of about 130,000 are needed to account for new entrants to the labor market while maintaining a stable unemployment rate.
• The ISM index rose 0.4 point to 57.0 in December.  
• The ISM services index rose 2.1 points to 57.1 in December.  
• Consumer credit increased by $1.3 billion to $2.403 trillion in November. This marks the second monthly increase following a record 20 months of decline.  
• Auto sales rose 2.3% to an annual pace of 12.55 million units in December. On a year-over-year basis, sales were up 12.6%.
• Factory orders increased 0.7% in November.
• Construction spending was up 0.4% in November.
• Initial jobless claims rose by 18,000 to 409,000 for the week ended January 1^st.