December 2023 Jobs Report

The Bureau of Labor Statistics released their December 2023 ‘Employment Situation’ report on January 5, 2024, at 8:30 a.m. Here is everything you need to know about the job market this past month.??

Unemployment Rate?

The unemployment rate remained the same at 3.7% in December. The number of unemployed people remained unchanged at 6.3 million. According to recent reports, the unemployment rate is expected to drop to pre-pandemic levels by 2027.??

Jobs & Industry Trends?

According to the report, nonfarm employment increased by 216,000 jobs in December, with continued gains in healthcare, government, and social assistance. However, there was a downtrend in transportation and warehousing.??

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The private education and health services industry had an increase of 74,000 jobs in December. Around 38,000 of those jobs were in health care, with notable gains in ambulatory health care services (+19,000) and hospitals (+15,000).??

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Government jobs increased by 52,000 in this past month, with continued upward trends in local government (+37,000) and federal government (+7,000).??

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Social assistance rose by 21,000 in December, with gains in individual and family services (+17,000).?

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Other notable industry gains in December 2023:??

• Construction: 17,000 jobs added?
• Leisure and Hospitality: 40,000 jobs added?

• Retail Trade: 17,000 jobs added?

Hourly Earnings?

The average hourly earnings for all employees rose by 0.4% (15 cents) from the previous month to $34.27.???

What This Means?

According to an Indeed report, the demand for workers will stay strong in 2024, and more prime-age workers will need to enter the workforce to adjust to the aging workforce population. The ‘Great Resignation’ that clouded the early stages of the post-pandemic job market ended, and people have stayed put in their positions throughout 2023.??

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