BUSINESS + ECONOMY

The US economy added 223,000 jobs in December

Jan 6, 2023, 9:37 AM | Updated: 9:38 am

Two temporary federal pandemic emergency assistance programs are coming to an end in the coming mon...

(Photo by Anna Moneymaker/Getty Images)

(Photo by Anna Moneymaker/Getty Images)

(CNN) — The US economy added 223,000 jobs in December, according to the monthly employment report from the Bureau of Labor Statistics, capping a year of extraordinary job growth and marking the second-best year for the labor market in records that go back to 1939.

The unemployment rate fell to 3.5% from a revised 3.6% in November.

Economists were expecting 200,000 job gains for the last month of the year, according to Refinitiv. December’s job total is lower than the downwardly revised 256,000 jobs added in November.

Including last month’s gains, which are subject to revision, the economy added close to 4.5 million jobs in 2022. That’s the second-highest-ever total, after the 6.7 million jobs added in 2021 — a boomerang from 2020’s 9.3 million job losses.

Average hourly earnings increased 0.3% over the previous month and 4.6% annually. That’s compared to 0.4% month-on-month growth in November and 4.8% annual growth.

The labor force participation rate ticked up to 62.3% from 62.2%.

This story is developing and will be updated.

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The US economy added 223,000 jobs in December