The January 2024 Jobs Report shows the unemployment rate was unchanged at 3.7% in December 2023 from the month prior. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 216,000, surpassing many estimates of 170,000 and 3.8. The number of unemployed people is also unchanged at 6.3 million.
The unemployment rate for college-degreed professionals 25 years and older remained unchanged at 2.1% from the month prior. Job seekers with some college or an associate degree increased to 3.1% from 2.8% in November.
The labor force participation rate is at 62.5%, a 0.3% decrease in December. The labor force participation rate showed little to no charge over 2023. In December, employment trended up in government, health care, social assistance, and construction. Overall employment rose by 2.7 million in 2023 with an average monthly gain of 225,000.
Jobs added by industry:
- Government: 52,000 jobs added
- Leisure and Hospitality: 40,000 jobs added
- Health Care: 38,000 jobs added
- Social Assistance: 21,000 jobs added
- Construction: 17,000 jobs added
- Retail Trade: 17,000 jobs added
- Professional and Business Services: 13,000 jobs added
Wage growth rose by 15 cents in December 2023
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 15 cents or 0.4% to $34.27. Over the past 12 months, average hourly earnings have increased by 4.1%.
Reimagining how we hire and retain employees.
The hiring market remains challenging and finding and retaining employees continues to be top of mind for many employers. At Roth Staffing Companies, we are reimagining how we hire and how employees stay engaged by leveraging our new strengths finder tool, TalentSet, powered by The Coffman Organization. TalentSet uncovers one’s top talents and gives insight to what motivates someone or drives momentum, something you can’t uncover from a resume or online profile.
Find more U.S. hiring, labor market, and salary trends with our 2024 Salary Guide
Whether it’s administrative, legal, technology or finance and accounting staff, how can you attract and retain the best employees in today’s complex employment market? Get insights and information on the trends that will impact hiring including company culture and the balance of generations in the workforce and how you can become an employer of choice – plus the latest salary data for markets throughout the U.S.
Download our Salary Guide
Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.
Sources: BLS, CNBC
