US economy added 312,000 jobs in December, blowing past expectations

U.S. employers added 312,000 jobs in December, blowing past Wall Street’s expectations for an increase of 177,000 jobs, even on the heels of a tumultuous month for the markets that saw the Dow Jones Industrial Average and S&P 500 post their worst performance since the Great Depression. The unemployment rate rose to 3.9 percent, while the labor force participation rate also rose slightly to 63.1 percent from 62.9 percent during the month. Average hourly earnings meanwhile rose by 11 cents to $27.48. Over the year, average hourly earnings have increased by a total of 84 cents, or about 3.2 percent.

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