DECEMBER HAD LOWEST JOB GAINS IN TWO YEARS

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Key Points:

  • After two straight years of record-setting payroll growth following the pandemic-related disruptions, the labor market is starting to show signs of stress.
  • Total nonfarm payroll employment rose by 223,000 in December, the smallest gain in two years.
  • Average hourly earnings were up 4.6% in December from the previous year, the narrowest increase since mid-2021, and down from a March peak of 5.6%.
Source