US Employment Analysis – Dec 2018
Average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $27.48 and over the year, average hourly earnings have increased by 84 cents or 3.2 percent.
The number of the unemployed person stood 6.3 million. Over the year, the unemployed rate and the total number of unemployed person declined by 0.2% and 281,000 respectively. Long-term unemployed (those jobless for 15 weeks or more) declined by 5.3% to 2.20 million over the year. There are also 375,000 discouraged workers people who are not currently looking for a job because they feel that no jobs are available to them.
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In December 2018, the labor force participation rate at 63.1%, and the employment-population ratio was 60.6% increased by 0.5% over the year. The total involuntary part-time worker becomes 4.7 million decreased by 145,000.
The private sector contributes 343,000 new jobs and job gains occurred in health care, manufacturing, and transportation & warehousing. Education & Health services added 74,000 jobs in December’18 and manufacturing added 32,000 jobs.
The average workweek for all employees on private nonfarm payrolls increased by 0.1 hours to 34.5 hours in December. Average hourly earnings in financial activities and in information sector become $35.45 and $41.02 respectively.
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