US jobs growth slows as unemployment reaches historic low

223,000 new jobs

US job growth slowed in December with just 223,000 jobs added in the month, still coming in above consensus estimates of 200,000.

Data from the Bureau of Labor Statistics revealed that unemployment for the final month of the year had fallen to 3.5% in the US, matching September and July's level at the lowest since February 2020. The 223,000 jobs added compares to a downwardly revised increase of 256,000 in November, and a peak of 714,000 in February 2021. Meanwhile, average hourly earnings climbed just 0.3%, representing another slowdown in growth. On an annual basis, average hourly earnings growth sits at 4.6%. The Federal Reserve has estimated that unemployment will begin to rise as the effects of its inter...