The December 2022 Jobs Report saw the unemployment rate decrease to 3.5% in December from 3.7% in November. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 223,000 and the number of unemployed people slid down to 5.7 million.
Monthly job growth has averaged 375,000 in 2022, compared to 562,000 per month in 2021.
The unemployment rate for college-degreed professionals 25 years and older saw a slight decline from 2.0% in November to 1.9% in December. Job seekers with some college or an associate degree saw a decrease in unemployment from 3.2% in November to 2.9% in December.
Leisure and hospitality, health care, construction and social assistance saw notable job gains in December.
Jobs added by industry:
- Leisure and Hospitality: 67,000 jobs added
- Health Care: 55,000 jobs added
- Construction: 28,000 jobs added
- Social assistance: 20,000 jobs added
- Mining: 4,000 jobs added
Wage growth rose by 9 cents in December 2022
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents or 0.3% to $32.82. Over the past 12 months, average hourly earnings have increased by 4.6%.
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Sources: BLS
