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Payroll

News

Stay up to date with and learn more about bookkeeping, QuickBooks Online, payroll, and tax.

Preston Little
January 16, 2023

Number of Nonfarm Payrolls increased by 223,000 in December, Surpassing Expectations

Although the payroll increase slowed in December, it was still above predictions, indicating that the job market is robust despite the Federal Reserve's efforts to decrease economic expansion.

The number of nonfarm payrolls rose by 223,000 during the month, surpassing the prediction of 200,000 from Dow Jones. Additionally, the unemployment rate dropped to 3.5%, which is 0.2% lower than anticipated. Although the job growth was slightly lower than the previous month's increase of 256,000 (which was revised downward by 7,000 from the initial forecast).

The increase in wages was not as significant as anticipated, suggesting that inflation may be losing momentum. The average hourly earnings increased by 0.3% for the month and rose by 4.6% compared to the previous year. These figures were lower than the projected growth of 0.4% and 5%.

At their last gathering, Federal officials expressed optimism regarding recent inflation measurements. However, they emphasized the need for sustained improvement before they can confidently conclude that inflation is decreasing and subsequently scale back on interest rate increases.

It is widely anticipated that the Federal Reserve will raise rates by another quarter-percentage point during their meeting on February 1st.

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