Employers added a healthy 223,000 jobs in December, capping a year in which the economy added 4.5 million jobs, more than refilling the deep hole left by the pandemic. The overall market remains tight.
Businesses are holding onto their workersthis week from companies like Amazon and Salesforce. New claims for unemployment benefits remain at historically low levels.struggling for much of the last two years to find enough workersMore than 400,000 workers entered or re-entered the workforce last month, and the share of adults working or looking for work inched up by a tenth of a percent.
"Now we're coming to a point where consumer spending has shifted again," she says."Tech is responding by pulling back."Financial firms are also cutting back on hiring, in the face of rising interest rates. And factories have scaled back hiring as well. Manufacturers added just 8,000 jobs in December, a quarter of the monthly average last year.monthly survey of factory managers"The first half of 2023 is going to be sluggish," Fiore says.
The Federal Reserve would welcome some slowdown in hiring, especially if it helps to keep a lid on wage gains. The central bank is worried that rapid pay increases could add to inflation, especially in labor-intensive service businesses. Average hourly wages in December were 4.6% higher than a year ago. The annual increase in November was initially reported as 5.1%, although that was revised down to 4.8%.
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December jobs report: 223,000 payrolls added, unemployment rate at 3.5%Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
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US employers added solid 223,000 jobs in December in sign of still-robust labor marketUS employers added a solid 223,000 jobs in December in sign of a still-robust labor market despite Fed rate hikes.
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US employers added solid 223,000 jobs in December in sign of still-robust labor marketUS employers added a solid 223,000 jobs in December in sign of a still-robust labor market despite Fed rate hikes.
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U.S. economy added 223,000 jobs in December, as strong jobs market tops expectationsHowever, the job growth marked a small decrease from the 256,000 gain in November, which was revised down 7,000 from the initial estimate.
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