The U.S. economy saw an addition of 216,000 jobs in December, exceeding expectations, with the unemployment rate holding steady at 3.7%. Despite concerns of a recession, the job market maintained its strength. The job gains for October and November were revised down by a total of 71,000, but were still evident. Job gains in December surpassed predictions, which had anticipated less than 200,000 increases.

Significant growth was noted in the entertainment industry, with employment in motion pictures and sound recording rising by 11,400 jobs, recovering from the impact of dual strikes. Other sectors boasting the most substantial gains included government, healthcare, social assistance, and construction, according to the Bureau of Labor Statistics. However, job numbers in transportation and warehousing saw a reduction. Average hourly earnings increased by 15 cents, or 0.4%, reaching $34.27, marking a 4.1% growth over the year.

Chief economist at Moody’s Analytics, Mark Zandi, responded to the report, noting consistent job creation and low unemployment contributing to a steadily cooling economy, which could lead to continued moderation in inflation.