?U.S. employers added 223,000 new jobs in December, closing out 2022 on a high note, according to the latest employment report from the U.S. Bureau of Labor Statistics (BLS). The unemployment rate dropped to 3.5 percent despite an increase in layoff announcements.
Job gains for the year represent one of the highest totals on record, even as employers navigate an uncertain economic outlook, elevated recession fears and rising interest rates. Monthly wage gains, although outpaced by inflation, remain well above pre-pandemic averages.
Job growth had been expected to slow since the Federal Reserve has tried to tamp down rising inflation, which along with an extraordinarily tight labor market has pressured employers to raise wages. While the labor market is showing tentative signs of rebalancing, there are still 1.7 available positions for every unemployed person looking for work.
