US Economy Adds 256,000 Jobs in December, Unemployment Rate Remains Steady
The US economy added 256,000 jobs in December, exceeding expectations and capping off a year of steady growth. The unemployment rate remained steady at 4.1 percent, and employment trended up in several key industries.
Job Market Highlights
The Bureau of Labor Statistics (BLS) reported that the economy added 256,000 jobs in December, surpassing expectations of around 200,000. This marks the 23rd consecutive month of job growth, with the average monthly gain standing at 401,000.
Industry Breakdown
Employment trended up in several key industries, including:
- Health care: Added 58,000 jobs in December, with gains in hospitals, outpatient care centers, and nursing and residential care facilities.
- Government: Added 28,000 jobs in December, driven by gains in state and local government education.
- Social assistance: Added 20,000 jobs in December, with gains in individual and family services.
- Retail trade: Added 9,000 jobs in December, following a loss of 33,000 jobs in November.
Unemployment Rate and Labor Force Participation
The unemployment rate remained steady at 4.1 percent, with the number of unemployed persons holding at 6.5 million. The labor force participation rate also remained unchanged at 62.5 percent, and the employment-population ratio held steady at 60.0 percent.
Average Hourly Earnings
Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $35.69. Over the past 12 months, average hourly earnings have increased by 4.6 percent.
Implications and Outlook
The December jobs report suggests that the US labor market remains resilient, despite some fluctuations in certain industries. The steady unemployment rate and labor force participation rate indicate a stable labor market, while the gains in employment and average hourly earnings point to ongoing economic growth.
As the economy continues to evolve, it’s likely that the labor market will face new challenges and opportunities. However, for now, the December jobs report provides a positive note to end the year.
