January 28, 2023

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US jobs rise in December, unemployment falls to 3.5%

In the United States, 223,000 jobs were created in December The job more than November, against analyst expectations of 200,000 seats. Thus, last month’s employment report (excluding agriculture) (revised from 263,000 to 256,000) is higher than estimates.

decrease in unemployment

Unemployment fell from 3.6% (revised from a preliminary 3.7%) to 3.5% with forecasts at 3.7%. Average hourly wages rose 9 cents, 0.27%, to $32.82; Compared to the previous year, it increased by 4.59%.

Average working hours per week decreased by 0.1 hours, to 34.3 hours. Workforce participation was 62.3%, 1.1 percentage points away from levels in February 2020, before the start of the COVID-19 pandemic. Corona Virus .

Data review

If, as mentioned, the November number is revised from 263,000 to 256,000, then the October number is raised from 284,000 to 263,000. Employment increased by 4.5 million jobs in 2022, with a monthly average of 375,000, down from 6.7 million in 2021, with a monthly average of 562 thousand.

In December, employment in the hospitality and leisure industry, hardest hit by pandemic , an increase of 67,000, with an average monthly increase of 79,000 in 2022, down from 196,000 per month in 2021; The sector still needed to recover 0.932 million jobs, or 5.5%, compared to February 2020 before the outbreak of the coronavirus pandemic.

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