Market Updates
December Payrolls Growth Slowed to Two Year Low
Brian Turner
06 Jan, 2023
New York City
The U.S. economy added 223,000 jobs in December, the smallest monthly increase in two years, the U.S. Bureau of Labor Statistics reported Friday.
The widely expected monthly employment situation report showed that despite the slowing hiring trend the labor market remains healthy and employers are expanding payrolls.
In 2022, monthly payrolls increase slowed to 375,000 from 562,000 gains in 2021 and 168,000 in 2019,
In 2022, the U.S. economy added 4.5 million net new jobs.
The unemployment rate declined to 3.5% in December and drifted in a tight range between 3.5% and 3.7% since March.
Hourly Wage Gains Slow
In December, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents, or 0.3%, to $32.82 following downwardly revised 0.4% increase in the previous month.
Over the past 12 months, average hourly earnings have increased by 4.6% slowest annual pace since August 2021.
Downward Revisions
The change in total nonfarm payroll employment for October was revised down by 21,000, from the increase in 284,000 to 263,000.
The change for November was revised down by 7,000, from 263,000 to 256,000.
With these revisions, employment gains in October and November combined were 28,000 lower than previously reported.
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