US Job Growth Slows in December
This came after November’s downwardly adjusted increase of 56,000 roles, while economists had anticipated nonfarm payrolls to reflect a rise of 66,000.
"Employment continued to trend up in food services and drinking places, health care, and social assistance. Retail trade lost jobs," the department stated.
At the same time, the jobless rate declined to 4.4% in December from 4.5% in November, coming in lower than expectations.
The tally of unemployed individuals "changed little" at 7.5 million during December, while the labor force participation stood at 62.4%.
Additionally, the employment-to-population ratio remained steady at 59.7% in the same period, according to the Labor Department.
The number of people outside the labor force but still desiring employment in December was also largely unchanged at 6.2 million.
"These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job," the department explained.
Average hourly pay for all workers on nonfarm payrolls increased by 0.3% to $37.02 in December compared to November, marking a 3.8% rise year-over-year.
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