From More Revisions to Higher Government Payrolls, Latest Jobs Report Offers Worrying Trends in 2024

Published on January 6, 2024

The U.S. economy created 216,000 new jobs in December, and the unemployment rate remained below 4 percent for the 23rd straight month. The Biden administration championed the news, with officials suggesting that the country has achieved a soft landing. However, economists are digging deeper into the monthly Bureau of Labor Statistics (BLS) jobs report, spotlighting concerning trends throughout the labor market. Government Payrolls In December, the government was the top job creator, adding 52,000 new positions and accounting for one-quarter of all new jobs. Last year, the government created 676,000 new jobs, representing about a quarter of job creation. The government produced an average of 56,000 jobs a month, more than double the average monthly gain of 23,000 in 2022, the BLS noted in its report....

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