December 2024 Capped a Year of Steady Recovery.
The U.S. labor market closed 2024 on a robust note, with payrolls increasing by 256,000 in December, significantly outpacing economists’ forecasts of 153,000 jobs. The unemployment rate edged down to 4.1% from 4.2%, marking the 48th consecutive month of employment growth and tying the second-longest period of expansion on record. Wage growth continued steadily, contributing to a broader picture of economic resilience amid global uncertainties and upcoming policy transitions.
The total number of new jobs created in 2024, which was 2.2M or 186K per month, aligns with 2010’s decade average; however, it is a little lower than the post-COVID burst.
The Numbers*:
The U.S. economy added 256,000 jobs in December, far exceeding expectations of 153,000.
The unemployment rate edged down to 4.1%, marking the 48th consecutive month of employment growth and tying the second-longest period of expansion on record.
here were 8.2M open jobs on the last working day of November.
The labor force participation rate had a slight decrease to 62.5%.
The number of job quits remained the same at 62.5%..
- Average hourly earnings rose by 0.3% to $35.69.
- Average weekly hours worked held steady at 34.3 hours per week for the fifth month.
- Total hires were 5.3M, while total separations were 5.1M.
- Within separations, layoffs/discharges accounted for 1.5 million.
Industry Trends:
| Industry | December Jobs | Notes |
| Healthcare | + 46,000 | Adding an average of 57,000 jobs per month throughout 2024. |
| Retail | + 43,000 | After a weak November, retail rebounded strongly, particularly in clothing, general merchandise, and health and personal care stores. |
| Leisure and Hospitality | + 43,000 | Maintained steady growth, signaling a continued recovery in consumer-facing industries, particularly restaurants and bars. |
| Government | + 33,000 | Gains primarily in state-level positions. |
| Professional and business services | + 28,000 | Showing a return to strength. |
| Manufacturing | - 13,000 | Highlighted challenges in global supply chains and declining demand for durable goods. |
The total nonfarm payroll employment change for October was revised by 7,000, from +36,000 to +43,000, and the November change was revised by 15,000, from +227,000 to +212,000. With these revisions, employment in October and November combined is 8,000 lower than previously reported.
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* Above represents December 2024 Data
Sources:
