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2022 labor market ends on a high, says NAFCU Chief Economist
The Bureau of Labor Statistics issued the final 2022 jobs report Friday, which revealed that the unemployment rate fell from a downwardly revised 3.6 percent to 3.5 percent in December. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
“The labor market ended 2022 on a high as the unemployment rate fell to its lowest level in over 50 years,” said Long. “Underlying details were also positive, with labor force participation picking up and wage growth decelerating.”
Non-farm payrolls increased 223,000 last month, while the November (-7,000) and September (-21,000) payrolls were revised down.
Results among major private sector industries were mixed in December. Healthcare led the way with 74,000 jobs, followed by leisure and hospitality (+67,000), while large professional and business services (-6,000) shed jobs.
Labor force participation rose to 62.3 percent. Average hourly earnings grew 9 cents in December, while year-over-year wage growth was at 4.6 percent.
“This is an unambiguously positive report that has the potential to set us on a path toward a recession free 2023,” concluded Long.
For more economic updates from NAFCU's award-winning research team, view NAFCU's Macro Data Flash reports.