Reported by the U.S. Bureau of Labor Statistics, the Monthly Economic Employment Report was released today, January 7. Broken down monthly, Search Solution Group has highlighted the latest economic analysis for December’s month-over-month changes in employment performance based on current job market fluctuations.
- Change in Employment Rate
- The unemployment rate edged down by .3% to reach 3.9% in December.
- 6.3 million unemployed citizens this past month showed a continued downwards trend from 6.9 million in November.
- Job Growth & Decline
- Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, and also in manufacturing, construction, and transportation.
- Job employment decline was only noted in the whole trade industry.
- Household Survey Data
- Among the major worker groups, the unemployment rate is now stated at 3.6% for adult men, declining from 4.0% in November.
- The jobless rate for adult women also continued to decline to 3.6%, down from 4.0% the previous month.
- The third major player in jobless rates also mirrored this trend, where the unemployment rate for teenagers continued to decline to 10.9% from 11.2% in November.
- Of the 2.2 million US citizens who permanently lost their jobs, this number changed little (decreased to 2 million) but still remains higher than February in 2020.
- Average Hourly Earnings & Hours Worked per Week
- Average hourly earnings in December for all employees increased another $.19 to $31.31, directly following other large increases in the prior 6 months.
- Over the past 12 months, average hourly earnings have increased by 4.7%.
- In December, average hourly earnings of private-sector production and nonsupervisory employees remained unchanged at $26.61, with zero shifts in the workweek.
The unemployment rate is surprisingly down from the high in April 2020. The rate remains above the pre COVID-19 mark from February 2020, with a 3.5% unemployment rate and 5.7 million unemployed.
In December, 3.9 million individuals lost employment or business due to the pandemic-related business consequences. This includes those that did not work at all or worked fewer hours at some point in the 4 weeks preceding the pandemic.
Among those who reported that they were unable to work because of pandemic-related closures or lost business in the past 2 months, 15.9% received at least some pay from their employer for the hours not worked.
Among those not in the labor force in December, 1.1 million were prevented from looking for work due to the pandemic. This is down from 1.2 million in November.
“Employment in professional and business services continued its upward trend in December (+43,000). Over the month, job gains occurred in computer systems design and related services (+10,000), in architectural and engineering services (+9,000), and in scientific research and development services (+6,000). Employment in professional and business services overall is slightly below (-35,000) its level in February 2020.”U.S. Bureau of Labor Statistics, Employment Situation Summary – December 2021
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