The U.S. economy posted a modest finish to the year. According to the U.S. Bureau of Labor Statistics (BLS), the economy added about 50,000 nonfarm jobs in December, finishing the year with about 159 million. The pace has been mostly consistent throughout the year.

A more careful analysis of the numbers identifies relevant trends. For example, most industries showed declines in their job numbers from November to December. The construction industry lost 11,000 jobs overall. All categories of construction showed similar trends, except for heavy and civilian engineering construction, which gained over 2,000 jobs, and residential specialty trade contractors, which gained a little over 1,000 jobs. Meanwhile, nonresidential specialty contractors lost almost 9,000 jobs. Residential and nonresidential building construction also showed losses of 4,200 and 1,200 jobs, respectively.

According to the BLS, the specialty trade contractors subsector includes electrical work and other activities related to building construction.

More broadly, the healthcare and social assistance sectors helped keep the overall job numbers in positive territory, with a combined gain of 38,000 jobs for December. The healthcare category includes a wide range of professions, such as doctor and dentist offices, laboratory diagnostics, hospitals, and nursing and residential care facilities.

The job figures appear to show an underperforming job market. The monthly gain of 50,000 jobs tracks the monthly average for the year. However, it is only one-third the average monthly gain of 168,000 jobs for all of 2024.

Also of note, the BLS revised downward the job gains for the two previous months. October’s job growth was revised downward by 68,000, from -105,000 to -173,000, and November’s numbers were revised down by 8,000, from +64,000 to +56,000. Combined, October and November’s employment figures were 76,000 lower than previously reported.

The negative October figures stood out because of large federal government job cuts and larger-than-normal layoffs in the private sector.