December jobs breakdown: Which industries are hiring the most workers?
US economy adds 223K jobs in December
FOX Business’ Gerri Willis breaks down the ‘better than expected’ December jobs report.
U.S. job growth came in stronger than expected in December, boosted by a rush of hiring at bars and restaurants.
Employers added 223,000 jobs in December, the Labor Department said in its monthly payroll report released Friday, topping the 200,000 jobs forecast by Refinitiv economists. Still, it marks a slight deceleration from the downwardly revised gain of 256,000 in November and is the worst month for job creation since December 2020. The unemployment rate, meanwhile, unexpectedly fell to 3.5%, a five-decade low.
"The labor market was still tight at the end of 2022, but the quality of jobs available to American workers has declined," said Bill Adams, chief economist at Comerica Bank. "Tech, finance, and manufacturing employers are laying off workers, while hiring continues in lower-paying industries like leisure and hospitality."
US JOB GROWTH COOLS SLIGHTLY IN DECEMBER AS ECONOMY ADDS 223,000 NEW POSITIONS
Although job gains were broad-based last month, the leisure and hospitality sector – the hardest hit by the COVID-19 pandemic – led the way in hiring, adding another 67,000 workers last month. Bars and restaurants accounted for the bulk of those gains, adding 26,300 workers in December. Amusement, gambling and recreation places onboarded 24,500 workers, and hotels saw payrolls grow by 10,000.
THE FED'S WAR ON INFLATION COULD COST 1M JOBS
Employment in the leisure and hospitality industry still remains about 932,000 – or 5.5% – below its pre-pandemic levels.
Health care accounted for the second-largest area of growth in December, with payrolls climbing by 54,700. The increases were widespread across the industry. Hospitals hired 15,700 workers while home health care services saw payrolls increase by 10,800. Doctors' offices added 12,300 employees, and nursing care facilities hired 5,700 workers. On average, the industry added about 49,000 jobs per month in 2022.
A pedestrian passes a “Help Wanted” sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. (REUTERS/Brian Snyder / Reuters Photos) Another source of job creation in December was the construction sector, which saw hiring climb by 28,000 last month. Within the sector, notable hiring gains took place in the construction of buildings (8,900) and specialty trade contractors (16,600). GET FOX BUSINESS ON THE GO BY CLICKING HERE Employment in other industries, including social assistance (19,700), wholesale trade (12,100), retail trade (9,000), manufacturing (8,000) and financial activities (5,000) also increased last month. A construction crew works at a site near the US Capitol on August 12, 2021, in Washington, DC. ((Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) / Getty Images) Those increases helped to make up for declines in professional and business services, which fell by 6,000 in December. The losses stemmed from a 35,000 drop in temporary help services and a 28,600 decline in administrative and support services. Those losses were offset by gains in management and technical consulting services, computer systems design and office administrative services. Source: Read Full Article
