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The US economy added jobs more quickly than expected in December, as Federal Reserve policymakers closely monitor the strength of the labor market ahead of their meeting later this month.
The Labor Department reported Friday that employers added 256,000 jobs in December, well above LSEG economists’ estimates.
The unemployment rate was 4.1%, slightly below economists’ expectations.
The number of jobs added in the previous two months was revised, with job creation in October revised up by 7,000 from an increase of 36,000 to 43,000; While November was revised down by 15,000 from an increase of 227,000 to 212,000. Combined, these two months saw 8,000 fewer jobs created than previously reported.
Private sector payrolls added 223,000 jobs in December, well above the 135,000 estimated by LSEG economists.
The manufacturing sector saw employment fall by 13,000 in December, a surprising drop when economists expected an increase of 5,000 jobs.
Wage growth was largely in line with expectations, with average earnings rising 0.3% month-on-month and 3.9% compared to last year.
Health care added 46,000 jobs in December with gains concentrated in home health care services (+15,000), nursing and residential care facilities (+14,000) and hospitals (+12,000). Healthcare added an average of 57,000 jobs per month in 2024, the same monthly average in 2023.
The retail sector added 43,000 jobs in December after losing 29,000 jobs in November. Last month’s gains were concentrated in retailers of apparel, footwear and jewelry (+23,000), general merchandise (+13,000) and health and personal care (+7,000). Retail job losses in building materials and garden equipment (-11,000).
The government added 33,000 jobs in December, slightly below the 2024 monthly average of 37,000 jobs per month. Last year saw slower growth in government jobs compared to 2023, when the average monthly increase reached 59,000 jobs.
Social assistance employment rose by 23,000 last month, most of which was in individual and family services (+17,000). The sector added an average of 18,000 jobs per month in 2024, slightly lower than the average of 23,000 jobs in 2023.
This is a developing story. Please check back for updates.
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