Wages rose sharply, a sign that companies are competing fiercely to fill their open jobs.
Marriott human resources recruiter Mariela Cuevas, left, talks to Lisbet Oliveros during a job fair in September at Hard Rock Stadium in Miami Gardens, Florida.Washington — U.S. employers added a modest 199,000 jobs last month while the unemployment rate fell sharply, at a time when businesses are struggling to fill jobs with many Americans remaining reluctant to return to the workforce.
Overall, the report pointed to a still-solid job market. Consumer spending and business purchases of machinery and equipment likely propelled the economy to a robust annual growth rate of roughly 7% in the final three months of 2021. Americans’ confidence in the economy rose slightly in December, according to the Conference Board, suggesting that spending probably remained healthy through year’s end.
The economy has also shown resilience in the face of surging inflation, the prospect of higher loan rates and the spread of the omicron variant. Most businesses report steady demand from their customers despite chronic supply shortages. Alaska Airlines said it’s cutting 10% of its flights in January because of an “unprecedented” number of employees calling in sick. But because omicron is less virulent than previous Covid-19 variants and few states or localities have moved to limit business operations, economists say they believe its economic impact will be short-lived.
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