Weak US employment growth further suggests Fed rate rise was a mistake

Weaker than expected rise of 151,000 new jobs backs evidence that the US economy is heading for a bumpy ride

Hindsight is a wonderful thing. It's easy to be wise after the event and say a decision was a mistake. But it's hard to imagine that the Federal Reserve would have raised interest rates in December had it known then what it knows now.

News that employment growth as measured by the increase in non-farm payrolls was up by 151,000 is just the latest piece of evidence to suggest that the US economy is going through a tough period. Growth in the fourth quarter was weak, sales of durable goods suggest that businesses are reluctant to invest, and consumers are saving rather than spending the windfall from lower oil prices.

Related: US economy adds 151,000 jobs amid rising concern about loss of momentum