Originally published on CNBC.com
The labor market over the past year was one for the record books with unemployment rate at its lowest level in some five decades.
The biggest gains in terms of the number of jobs added this year were in professional and business services, education and health services, manufacturing, construction and leisure and hospitality.
As the housing market cools in the face of rising interest rates, construction jobs will likely slow.
The labor market over the past year was one for the record books with unemployment rate near its lowest level in some 5 decades, and 2.6 million jobs in 2018, the most since 2015. An average of just over 206,000 jobs were added per month, as the economy showed continued strength.
“2018 was gangbusters,” says Mark Zandi, chief economist at Moody’s Analytics. “We had average monthly growth of over 200,000 juiced by tax cuts, government spending increases and fiscal stimulus.”
