US economy adds 216,000 jobs in December 2023

The US economy added 216,000 jobs in December, according to the Bureau of Labor Statistics, up from November's downwardly revised print of 173,000 and well ahead of market forecasts for a reading of 170,000.

Government employment was up 52,000, while leisure and hospitality employment was 40,000 higher, health care was 38,000 stronger, and construction roles rose 17,000. On the other hand, the transportation and warehousing sector lost 23,000.

December's reading takes the total job gain for 2023 to 2.7m and corresponds to an average monthly gain of 225,000.

Meanwhile, unemployment flatlined at 3.7%, compared to expectations for a reading of 3.8%, while wages were up 0.3% month-on-month, as expected.

US non-farm payrolls were in the spotlight early on Friday, given that the report was closely watched by the Federal Reserve and helps guide its think on its interest rate policy going forward.

Reporting by Iain Gilbert at Sharecast.com