WASHINGTON–December’s job numbers have come in well above many analysts’ projections. According to new data from the Labor Department, U.S. employers added 312,000 jobs in the final month of 2018, meaning despite some turbulence the market remains strong.
Ironically, the Labor Department data was compiled before many of the DoL’s employees were furloughed as part of the government shutdown.
The new data show the unemployment rate rose to 3.9% as more people were looking for work.
Overall, employers added 2.6 million jobs in 2018, compared to 2.2 million in 2017, according to government data. Revisions to the October and November estimates added an additional 58,000 jobs to the 2018 total.
Along with all the hiring came increases in paychecks, as well, with the data showing the average hourly pay was up 3.2% compared to a year earlier. The average number of hours people worked also edged up.
“December’s employment figures came in stronger than anticipated,” said NAFCU’s chief economist, Curt Long. “The rise in the unemployment rate reflects greater labor force participation, which hit its highest level in nearly five years. Wage growth continues to strengthen, which supports the Fed’s decision to raise rates last month, but will trouble investors as they consider the potential for more rate hikes in 2019.”