December Labor Report
The U.S. economy added 216,000 new jobs in December, according to the Bureau of Labor Statistics. The latest report well exceeded economists’ expectations to end the year on a positive note.
The unemployment rate remained unchanged at 3.7%.
December’s numbers show continued growth in the workforce compared to November’s report. The industries that saw the most notable gains in December were healthcare, government, leisure and hospitality, and professional and business services.
Government roles saw 52,000 new additions in December. Specifically, most of these new jobs fell under local (37,000) and federal (7,000) governments.
The healthcare industry added 38,000 jobs in December. Overall, healthcare added an average of 55,000 new roles in 2023, more than the 2022 average of 46,000 new jobs per month.
Professional and business services added 13,000 new jobs in December. During 2023, this industry gained a monthly average of 22,000 new roles.
Leisure and hospitality had 40,000 new roles added in December. Throughout the year, an average of 39,000 jobs were added each month.
In 2023, unemployment averaged 3.6%, closing the year at 3.7%, reflecting the best year for labor since 1950, according to RSM US principal and chief economist- Joe Bruseuelas.
We ended the year on a positive note, indicating a promising labor market in 2024.
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Download the December Labor Report
Source: December 2023 Monthly Jobs Report, Bureau of Labor Statistics
