the staff of the Ridgewood blog
Ridgewood NJ, the U.S. job market showed continued resilience in December, with total nonfarm payroll employment increasing by 256,000, according to the Bureau of Labor Statistics (BLS). The unemployment rate remained stable at 4.1%, marking seven months of consistent rates between 4.1% and 4.2%.
Key Employment Gains in December
Significant employment growth was reported in health care, government, and social assistance sectors. Retail trade also rebounded, adding jobs after losses in November.
Highlights by Sector:
- Health Care: Added 46,000 jobs, with notable gains in home health care services (+15,000), nursing and residential care facilities (+14,000), and hospitals (+12,000).
- Retail Trade: Recovered with 43,000 jobs added, particularly in clothing and accessories (+23,000), general merchandise (+13,000), and health and personal care (+7,000).
- Government: Continued its upward trend with 33,000 new jobs, driven by state government employment (+10,000).
- Social Assistance: Increased by 23,000 jobs, mainly in individual and family services (+17,000).
Wage Growth and Hours Worked
In December, average hourly earnings for private nonfarm payroll employees rose by 0.3%, reaching $35.69. Over the past year, wages increased by 3.9%. The average workweek remained steady at 34.3 hours for the fifth consecutive month.
Unemployment Trends
The unemployment rate held at 4.1%, with 6.9 million people unemployed. Unemployment among major worker groups saw little change:
- Whites: 3.6%
- Blacks: 6.1%
- Asians: 3.5%
- Hispanics: 5.1%
The long-term unemployed (jobless for 27 weeks or more) remained at 1.6 million, accounting for 22.4% of total unemployment.
Annual Employment Overview
For 2024, payroll employment increased by 2.2 million jobs, averaging 186,000 new jobs per month. This marks a slowdown from the 3 million jobs added in 2023, which averaged 251,000 per month.
Industry Analysis
While health care and social assistance sectors showed robust growth, other industries, including manufacturing, construction, and financial activities, reported little to no significant changes in December.
Revised Employment Data
Revisions for October and November showed a net decrease of 8,000 jobs from previously reported figures.
Looking Ahead
As the labor market remains stable, the focus is on continued growth in key sectors and wage improvements. Analysts will closely monitor trends in health care and retail, as well as the broader economic landscape, as we move into 2025.
Stay tuned for further updates on employment trends and economic insights. Let us know your thoughts on this month’s jobs report in the comments!
