December 2021 BLS Update: The U.S. economy added 199,000 jobs, according to the latest report by the Bureau of Labor Statistics (BLS).
The unemployment rate dropped down to 3.9% from 4.2% the month prior. Employment continued to trend up in leisure and hospitality, in professional and business services, in manufacturing, in construction, and in transportation and warehousing.
The U.S. economy is seeing robust wage growth. Over the past 12 months, average hourly earnings have increased by 4.7%.
Key Highlights From the Latest BLS Report
- With 6.3 million currently unemployed, the unemployment rate is now at 3.9%, 0.3% lower than the month prior.
- The labor force participation rate remained unchanged at 61.9% in December
- For college-degreed workers aged 25 and over, the unemployment rate edged down slightly from 2.2% to 2.1% in November.
- For those with some college or an associate degree, the unemployment rate is at 3.6%.
- Employment continued to trend up in leisure and hospitality, in professional and business services, in manufacturing, in construction, and in transportation and warehousing.
Jobs Added by Industry
- Leisure and hospitality added 53,000 jobs
- Professional and Business Services added 43,000 jobs
- Manufacturing added 26,000 jobs
- Construction added 22,000 jobs
- Transportation and Warehousing added 19,000 jobs
With the highly competitive current labor market, the battle for talent is real. How are you managing? Schedule a 1:1 chat with us to discuss your needs. Find your nearest branch today!
