U.S. hiring picked up unexpectedly in December as employers added 256,000 jobs, according to the Associated Press. It’s another sign of the economy’s resilience in the face of high interest rates.
The Labor Department reported Friday that job growth was up last month from 212,000 in November. For all of 2024, the economy added 2.2 million jobs — a solid number but down from 3 million in 2023, 4.5 million in 2022, and a record 6.4 million in 2021 as the economy rebounded from massive pandemic layoffs.
The monthly numbers beat forecasters’ expectations of around 155,000 new jobs and 4.2% unemployment. Health care and government jobs led the December increase.
Labor Department revisions shaved 8,000 jobs from October and November payrolls. Average hourly wages rose 0.3% from November and 3.9% from a year earlier. The year-over-year wage gain was slightly less than economists had forecast.
