The United States witnessed a more robust surge in job creation during December than initially projected, with the labor market demonstrating unexpected resilience. This development comes as Federal Reserve officials meticulously scrutinize employment dynamics ahead of their pivotal assembly later this month.
On Friday, the Labor Department revealed that employers expanded their workforce by 256,000 positions in December, significantly surpassing projections from LSEG economists.
The unemployment rate edged down to 4.1%, coming in just below the forecasts of economic analysts.
Additionally, the figures for job growth in the preceding two months underwent revisions. October’s job creation was adjusted upward by 7,000, increasing from 36,000 to 43,000. Conversely, November’s data was revised downward by 15,000, bringing the total from 227,000 to 212,000. Together, these revisions indicate that 8,000 fewer jobs were added than previously estimated across the two-month period.
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Private-sector payrolls surged by 223,000 jobs in December, significantly outpacing the 135,000 forecasted by LSEG economists.
Wage growth aligned closely with expectations, with average earnings rising 0.3% month-over-month and showing a year-over-year increase of 3.9%.
Meanwhile, the manufacturing sector recorded an unexpected decline in employment, shedding 13,000 jobs in December. This was in stark contrast to economists’ predictions, which had anticipated a modest gain of 5,000 jobs in the sector.
The healthcare sector expanded by 46,100 jobs in December, with notable growth in specific areas. Home healthcare services added 15,200 positions, nursing and residential care facilities gained 14,000 jobs, and hospitals contributed 11,500 new roles.
Throughout 2024, the healthcare industry maintained a consistent pace, averaging 57,000 new jobs per month—matching its monthly average from 2023.
