{"id":536806,"date":"2023-01-06T16:46:54","date_gmt":"2023-01-06T13:46:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-job-growth-solid-in-december-unemployment-falls-to-3-5\/"},"modified":"2023-01-06T16:46:54","modified_gmt":"2023-01-06T13:46:54","slug":"us-job-growth-solid-in-december-unemployment-falls-to-3-5","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-job-growth-solid-in-december-unemployment-falls-to-3-5\/","title":{"rendered":"#US job growth solid in December; unemployment falls to 3.5%"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dbdb10c982\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dbdb10c982\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-job-growth-solid-in-december-unemployment-falls-to-3-5\/#%E2%80%9CUS_job_growth_solid_in_December_unemployment_falls_to_35%E2%80%9D\" >&#8220;US job growth solid in December; unemployment falls to 3.5%&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CUS_job_growth_solid_in_December_unemployment_falls_to_35%E2%80%9D\"><\/span>&#8220;US job growth solid in December; unemployment falls to 3.5%&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The U.S. economy maintained a strong pace of job growth in December, with the unemployment rate falling to 3.5%, but higher borrowing costs as the Federal Reserve fights inflation could see the labor market momentum slowing significantly by mid-year.<\/p>\n<p>Nonfarm payrolls\u00a0increased 223,000 last\u00a0month, the Labor Department said in its closely watched employment report on Friday. Data for November was\u00a0revised lower to show 256,000\u00a0jobs added instead of 263,000 as previously reported.<\/p>\n<p>Economists polled by Reuters had forecast payrolls increasing by 200,000 jobs, with estimates ranging from 130,000 to 350,000. Monthly job growth is well above the pace needed to keep up with growth in the working age population.<\/p>\n<p>The unemployment rate dropped to 3.5% from 3.6% in November.\u00a0The government revised the seasonally adjusted data for the household survey, from which the unemployment rate is derived, for the last five years.<\/p>\n<p>Average hourly earnings rose 0.3% after 0.4% in the prior month. That lowered the year-on-year increase in wages to 4.6% from 4.8% in November.\u00a0Government data this week showed there were 10.458 million\u00a0job openings\u00a0at the end of November, which translated to 1.74 jobs for every unemployed person.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"883\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/unemployment-rate.jpg?w=1024\" alt=\"Payroll employment increases by 223,000 in December\" class=\"wp-image-25261973\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/unemployment-rate.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/unemployment-rate.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/unemployment-rate.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Nonfarm payrolls\u00a0increased 223,000 last\u00a0month, the Labor Department said in its closely watched employment report on Friday.<\/figcaption><figcaption><span class=\"credit\">BLS-Labor Statistics<\/span><\/figcaption><\/figure>\n<p>The labor market has remained strong, despite the Fed embarking last March on its fastest interest rate-hiking since the 1980s.<\/p>\n<p>Interest-rate sensitive industries like housing and finance, and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> companies, including Twitter, Amazon and Meta, the parent of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>, have slashed jobs.<\/p>\n<p>However, airlines, hotels, restaurants and bars are desperate for workers as the leisure and hospitality industry continues to recover from the COVID-19 pandemic.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jobs-61.jpg?w=1024\" alt=\"help wanted sign\" class=\"wp-image-25262001\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jobs-61.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jobs-61.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2023\/01\/jobs-61.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Average hourly earnings rose 0.3% after 0.4% in the prior month.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Labor market resilience is underpinning the economy by sustaining consumer spending. But it raises the risk the Fed could lift its target interest rate above the 5.1% peak the U.S. central bank projected last month and keep it there for a while.<\/p>\n<p>The trend in employment growth, however, could slow significantly by mid-year as expensive credit weigh on consumer spending and ultimately business investment.<\/p>\n<p>The Fed last year raised its policy rate by 425 basis points from near zero to a 4.25%-4.50% range, the highest since late 2007. Last month, it projected at least an additional 75 basis points of hikes in borrowing costs by the end of 2023.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2023\/01\/06\/us-job-growth-solid-in-december-unemployment-falls-to-3-5\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;US job growth solid in December; unemployment falls to 3.5%&#8221; The U.S. economy maintained a strong pace of job growth in December, with the unemployment rate falling to 3.5%, but higher borrowing costs as the Federal Reserve fights inflation could see the labor market momentum slowing significantly by mid-year. Nonfarm payrolls\u00a0increased 223,000 last\u00a0month, the Labor&#8230;<\/p>\n","protected":false},"author":1,"featured_media":536807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/job-openings-september.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[138101,5069,70550,79667,5070,74142,91261,127049],"class_list":["post-536806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-6-23","tag-economy","tag-federal-reserve","tag-hirings-and-firings","tag-jobs","tag-jobs-report","tag-recession","tag-the-fed"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/536806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=536806"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/536806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/536807"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=536806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=536806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=536806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}