Market Updates
U.S. Economy Added 216,00 Jobs In December, Unemployment Rate Held Steady
Brian Turner
05 Jan, 2024
New York City
Nonfarm payrolls expanded by 216,000 in December, the U.S. Bureau of Labor Statistics reported Friday.
Economists polled by Ticker.com estimated payroll expansion by 160,000 after the economy added a downwardly revised 173,000 jobs in November.
However, the jobless rate was unchanged at 3.7%.
For the year 2023, the U.S. economy added 2.7 million jobs, the smallest increase since 2019 excluding pandemic-impacted 2020, an average monthly increase of 225,000.
Governments at all levels expanded jobs by 52,000, followed by gains in leisure and hospitality of 40,000, healthcare by 38,000, social assistance by 21,000, and construction by 17,000.
Employment in the leisure and hospitality sectors rose by 39,000 a month, following a monthly increase of 88,000 in 2022, but is still lagging the pre-pandemic peak in February 2020 by 163,000.
Employment in transportation and warehousing declined by 23,000 in December, and employment in the sector has declined by 100,000 after peaking in November 2022.
In December, average hourly earnings for all employees on private nonfarm payrolls increased by 0.4%, or 15 cents, to $34.27 and gained 4.1% over the last twelve months.
The change in total nonfarm payroll employment for October was revised down by 45,000 to 105,000, and in November it was revised lower by 26,000 to 173,000.
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