US Employers Add 216,000 Jobs in December amid Slowing Job Growth
The report noted that employment continued to trend up in government, health care, social assistance and construction, while transportation and warehousing lost jobs.
The job growth in total nonfarm payroll employment for October was revised down by 45,000 to 105,000, and the change for November was revised down by 26,000 to 173,000.
On a monthly average, payroll employment rose by 225,000 in 2023, much less than a gain of 399,000 in 2022, indicating a cooling job market amid high interest rates.
In December, the unemployment rate held at 3.7 percent, and the number of unemployed persons was essentially unchanged at 6.3 million. These measures are higher than a year earlier when the jobless rate was 3.5 percent, and the number of unemployed persons was 5.7 million.
The labor force participation rate, at 62.5 percent, decreased by 0.3 percentage points in December, the report showed.
In December, average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents, or 0.4 percent, to 34.27 dollars. Over the past 12 months, average hourly earnings have increased by 4.1 percent.
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