US non-farm payroll employment increased 223k in December, above expectation of 200k. Payroll employment rose by 4.5m in 2022 (an average monthly gain of 375kj, less than the increase of 6.7m in 2021 (an average monthly gain of 562k).
Unemployment rate dropped to 3.5%, better than expectation of 3.7%. Participation rate ticked up from 62.2% to 62.3%.
Average hourly earnings rose 0.3% mom, below expectation of 0.4% mom. Over the past 12 months, average hourly earnings rose 4.6% yoy.
