<p>According to a report released Friday by the Bureau of Labor Statistics, the US economy added 312,000 jobs in December.</p>
<p><strong>This is far higher than economists’ estimate of 176,000.</strong></p>
<p>Job growth for October and November was revised to 247,000 and 176,000, respectively.</p>
<p>The stats for December are surprising considering recent warnings about an economic slowdown caused by factors including: trade tensions with China, the Federal Reserve’s decision to increase interest rates for a fourth time in 2018, and the partial government shutdown.</p>
<p>“The far bigger than expected 312,000 jump…would seem to make a mockery of market fears of an impending recession,” said economist Paul Ashworth, adding that the US economy “still has considerable forward momentum.”</p>
<p>As a whole, the US added 2.64 million jobs in 2018 (compared to 2.19 million in 2017 and 2.34 million in 2016).</p>
<p><strong>Other stats from December:</strong></p>
<ul>
<li>Wages increased 3.2% compared to December 2017</li>
<li>Wages increased 0.4% compared to November 2018</li>
<li>Hourly earnings increased 0.4%</li>
<li>Average work week increased by 0.1 hours to reach 34.5 hours</li>
<li>Unemployment rate rose slightly to reach 3.9%</li>
</ul>
<p>Leading the way in new jobs was the healthcare industry, which added 50,000 jobs during the month of December.</p>
<p><strong>Other notable increases include:</strong></p>
<ul>
<li>Bars and restaurants with 41,000 jobs</li>
<li>Construction with 38,000 jobs<br />
Manufacturing with 2,000 jobs<br />
Retail with 24,000 jobs<br />
Government with 11,000 jobs</li>
</ul>
<p>The Bureau’s report, combined with news of upcoming trade talks with China and suggestions the Fed could reconsider its plans to increase rates in 2019, contributed to a stock market surge that came as a relief to investors following record losses on Christmas Eve.</p>