The December 2024 Jobs Report saw the unemployment rate drop slightly to 4.1% from 4.2% the month prior. According to the most recent report released by the Bureau of Labor Statistics (BLS), non-farm payrolls increased by 256,000, which was above the expected 155,000 forecast. The number of unemployed people decreased slightly to 6.9 million in December compared to 7.1 million in November.
The unemployment rate has been either 4.1% or 4.2% for the past seven months.
The unemployment rate for college-degreed professionals 25 years and older decreased slightly from 2.5% in November to 2.4% in December. Job seekers with some college or an associate degree also saw a decrease in unemployment, from 3.6% in November to 3.5% in December.
Health care, government, and social assistance saw notable job gains.
Jobs added by industry:
- Health Care: 46,000 jobs added
- Retail Trade: 43,000 jobs added
- Government: 33,000 jobs added
- Social Assistance: 23,000 jobs added
Wage growth rose by 10 cents in December 2024
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents or 0.3% to $35.69. Over the past 12 months, average hourly earnings have increased by 3.9%.
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Source: BLS, CNBC
