The U.S. job market is still healthy, but it's slowing down as recession fears mount

The U.S. job market closed out 2022 on a high note.

Employers added 223,000 jobs in December, capping a year in which the economy added 4.5 million jobs, more than refilling the deep hole left by the coronavirus pandemic two years earlier.

While some big companies have announced job cuts in recent weeks, the overall labor market remains tight. The unemployment rate in December inched down to 3.5%, matching a half-century low.