The December 2023 Jobs Report & November 2023 JOLTS: The Current U.S. Employment Situation

The latest reports of the U.S. employment situation are giving hope for the labor market at the start of 2024. December 2023 U.S. jobs numbers, released by the BLS today, showed an increase of 216,000 in total nonfarm payroll employment – far above economists’ expectation of 160,000. Additionally, December’s unchanged unemployment rate of 3.7% defied forecasts of 3.8%. The number of unemployed persons was also essentially unchanged at 6.3 million.

November’s Job Openings and Labor Turnover Summary (JOLTS), released Wednesday, showed little change in job openings (8.8 million) and no change in the job openings rate (5.3%). Hires and total separations decreased to 5.5 million and 5.3 million, respectively. Quits edged down to 3.5 million (-157,000) and the layoff rate was unchanged at 1%, potentially signaling job security for those who are employed and difficulty getting hired for those seeking a new job.

Here are other highlights from the report:

• Average hourly earnings for all employees on nonfarm private payrolls increased by $0.15 to $34.27; over the last year, average hourly earnings have risen by 4.1%.
• Change in total nonfarm payroll employment was revised down for both October and November by a combined 71,000 jobs.

What industries are hiring now? Notable growth continued in government, health care and social assistance, and construction; retail trade and professional and business services jobs bounced back compared to November. Jobs decreased significantly in transportation and warehousing.

The U.S. economy added 2.9 million total jobs in 2023 – not as robust as 2021 and 2022, but still strong compared to pre-pandemic years. As you prepare for 2024, iHire is here to help you hire the right talent or find your next job this year.