US Jobless Rate Sinks to 3.9% As Many More People Find Jobs
WASHINGTON (AP) – 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.
At the same time, Friday’s jobs report from the Labor Department showed that the nation’s unemployment rate fell from 4.2% to a healthy 3.9%, evidence that many more people found jobs last month.
Indeed, despite the slight hiring gain, 651,000 more people reported that they were employed in December compared with November.
Wages also rose sharply, a sign that companies are competing fiercely to fill their open jobs.