Saturday, January 28, 2023

2022 was the second best year for job creation in the United States since 1939

During December, the US economy created 223,000 new jobs.

Photo: Justin Sullivan / Getty Images

According to the latest employment report generated by the Bureau of Labor Statistics, US economy added 223,000 new jobs during December,

This way, It capped off a great year of job growth, which incidentally was the second best year in terms of employment since 1939.

Refinitiv estimated that 200,000 jobs would be created in the last month of 2022.

simultaneously, The unemployment rate fell slightly to 3.5% from 3.6% in November.

In general terms, the US economy will add about 4.5 million jobs during 2022, a figure that represents the second highest in history, behind only the 6.7 million jobs generated in 2021.

What is important about the number of jobs created is that they followed months of significant interest rate hikes by the Federal Reserve, aimed at taming inflation, which last year hit its highest level since the 80s. level was reached.

The December report also showed the same The labor force participation rate—a measure of the active labor force and job seekers—increased slightly from 62.2% to 62.3%. However, it is still far from reaching 67.3%, the highest figure achieved in 2000.

Segmentally, the industry sectors contributing the most new jobs were those devoted to leisure, hospitality and medical care, as well as accommodation and food services, All of them were severely punished by the pestilence for at least two years.

For this year, the Fed’s commitment is to strive to make the labor market more flexible so that other sectors can participate more in creating new jobs that contribute to strengthening the economy and thus avoid the risk of a prolonged recession. Can go , Which will eventually hit the pockets of the entire population.

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