The US labor market ended 2024 on a high note, adding 256,000 jobs in December, above the forecast of 164,000.
Unemployment unexpectedly dropped from 4.2% in November to 4.1% in December. The consensus expectation was that the rate would hold steady.
“We are very proud of our ability to leave with such a strong labor market,” Acting Secretary of Labor Julie Su told BI. “People have come into the labor market and are looking for jobs — and they’re finding them.”
Cory Stahle, an economist at the Indeed Hiring Lab, said there were some concerns in the job market at the start of 2024, but the data indicated signs of equilibrium in the second half.
“In the first half of 2024, we saw unemployment start rising, and it was a pretty good cause for concern,” Stahle said. “But then in the back half of the year, we’ve seen that the …