U.S. economy continued to be slowed by Covid disruptions in December, with 199,000 job added, far below expectations. Still, the unemployment rate fell to 3.9%, bringing it closer to the rate it wa…
U.S. economy continued to be slowed by Covid disruptions in December, with 199,000 job added, far below expectations.The latest numbers from the
were from data collected before the most recent uptick in Covid cases due to the Omicron wave, meaning that numbers may sputter further in January.The Labor Department reported December job gains in leisure and hospitality, professional and business services, manufacturing, construction and transportation and warehousing. Employment in motion pictures and sound recordings was off by 6.2% from November, to 340,700 in December, according to data adjusted for seasonal factors.
The labor force participation rate was unchanged at 61.9%, but that is still 1.5 percentage points lower than before the start of the pandemic. Average hourly earnings on private business payrolls rose 19 cents to $31.31. Over the past year, average hourly earnings rose by 4.7%. As is often the case, the bureau revised figures from previous months, and it is better news for the employment picture. Hiring figures for October and November were revised upward by 141,000.
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