The Bureau of Labor Statistics (BLS) reported that there were 256,000 jobs created in December, which was well above estimates of 160,000. Revisions to October and November shaved 8,000 jobs from those months combined. The unemployment rate fell from 4.2% to 4.1%.
What’s the bottom line?
December’s headline job growth figure will be subject to revision in the next two reports, so we’ll have to see if the data remains as strong as it initially seemed. However, this report had a different tone than the softer labor sector data we’ve seen in recent months, as it showed strength on multiple fronts. This included an increase in the number of both full-time and part-time workers after both declined in November. One notable downside to mention is the average duration of unemployment rising to 23.7 weeks. This is the highest amount since April 2022 and coincides with the elevated trend we’ve seen in weekly Continuing Jobless Claims.
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