Despite a slowdown in payrolls last month, unemployment once again fell in December.
According to the most recent Bureau of Labor Statistics report, the U.S. added 223,000 jobs in December, surpassing the Dow Jones forecasts of 200,000.
Although a slight dip from the 256,000-gain seen in November, this marks another month that expert forecasts fell below reality.
Additionally, the 3.5% unemployment rate came 0.2 percentage points below forecasts.
On the other hand, hourly wage earnings grew 0.3%, below predictions of a 0.4% growth. This indicates that inflation could finally be loosening its grip.
The leisure and hospitality industry led the pack in growth, adding 67,000 jobs, followed by healthcare adding 55,000 jobs.
Over the last year, the Federal Reserve has conducted several record-high interest rate hikes in an effort to cool down the economy. While certainly making a dent, recent numbers prove that the labor market remains resilient in the post-pandemic era.