The United States economy added 223,000 jobs in December, according to a jobs report released by the Department of Labor on Friday. Unemployment fell to 3.5%, matching a half-century low. This is one of the last reports on 2022 jobs data, with the year’s total job growth finishing at 4.5 million, bringing employment back to pre-pandemic levels,

Key Quote: In a statement released Friday, U.S. Secretary of Labor Marty Walsh stated, “we begin 2023 positioned to sustain this worker-centered progress, as the administration’s infrastructure investments and the resurgence of American manufacturing continue to create good jobs across the country. With the Inflation Reduction Act going into effect, health insurance and prescription drug costs are lower for millions of families, small business owners, and retirees; and clean energy incentives will further lower household costs and create good jobs for years to come.”

Job Gains: The largest sectors for job growth in December were leisure and hospitality, which added 67,000 workers, health care, which added 54,700 workers, construction, which added 28,000 workers, and social assistance, which added 19,700 workers.

Job Losses: Not all sectors saw growth in December. Employment services lost 39,700 workers, and advertising lost 4,200 workers.

How The Media Covered It: Despite a cooling labor market, outlets across the spectrum are predicting additional interest rate hikes to be imposed by the Federal Reserve in the coming months as inflation remains above the Fed’s desired percentage.