The number of unemployed people dropped to 5.7 million last month, down from November's 6 million and 6.3 million a year ago. U.S. unemployment fell to 3.5% from 3.6% the prior month and 3.9% last December.
U.S. employment shows gains, wage pressure moderating
The participation rate edged up to 62.3% from 62.2% last month. The number of people in the workforce grew to nearly 165 million vs 164.5 million last month and 162.4 million in December 2021.
Although employment remained robust, there were encouraging signs regarding wage growth. Average hourly earnings were $32.82, up 0.3% from the previous month and up 4.6% from a year ago. In November, hourly earnings rose by 0.4% from the previous month and 4.8% year over year.