December jobs report shows signs of a slowdown but labor market remains tight
Автор: Straight Arrow News
Загружено: 2023-01-06
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The year 2022 has turned out to be one of the best years for job growth in modern U.S. history. December’s jobs report released Friday by the Bureau of Labor Statistics (BLS) showed another month of the economy beating job growth expectations, but did signal a slowdown in that growth.
The U.S. economy added 223,000 jobs for the month, compared with around 200,000 expected by economists. It was the slowest monthly job growth of the year after falling from November’s 256,000 jobs added.
However, the unemployment rate continued to point to a tight labor market. Unemployment dropped again in December to 3.5%, down from November’s revised 3.6% and matching a 5-decade low. Unemployment hasn’t been lower than 3.5% since 1969.
For all of 2022, employment rose by 4.5 million jobs, the BLS reports. That’s an average monthly gain of 375,000. The annual data is only topped by 2021’s pandemic rebound, which saw a total increase of 6.7 million jobs, an average monthly gain of 562,000.
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