National jobs report

Unexpectedly, the December jobs report closed out the year with a strong showing. The final jobs report of 2024 surprised economists, adding a total of 256,000 jobs. In addition, the unemployment rate slid down to 4.1%.

The week before, most experts were predicting more muted growth, with around 153,000 jobs added. The unemployment rate was expected to stay the same, if not rise.

Looking back, 2024 is being considered a return to pre-pandemic norms. In total, 2.2 million jobs were added last year, which comes out to an average of 186,000 each month. These numbers are similar to what was seen in 2017, 2018, and 2019.

Additional findings:

• Average hourly earnings rose to 0.3% this month
• Labor force participation rate held at 62.5%
• Healthcare (46,000+) and leisure and hospitality (43,000+) hiring continued to lead job gains
• Retail added 43,000 jobs in December, after losing 29,000 in November
• December marks the highest number of jobs added since March
• US has added jobs for 48 consecutive months

Turning the page to 2025

December’s job report was a final reminder that 2024 wasn’t easy to pin down. On some fronts the labor market returned to normal, but many industries still face uncertainties that won’t be going away any time soon.

That’s why the new year is the perfect time to look back and see what did and didn’t work. If you need some help with that, reach out to Adecco! We can help you better understand where you’ve been and what your next steps need to be for the year ahead.