The Labor Department on Friday reported December jobs gains were much lower than expected as the year ended. U.S. payrolls rose 74,000 last month, the smallest rise in three years, while the unemployment rate dropped to 6.7%, Labor said Friday. Here are highlights: 
 
 Revisions: Employment gains for November and October were revised upward by a total of 38,000. Employers added 241,000 jobs in November, up from an initially reported 203,000. October’s gain was unrevised at 200,000. 
 
 Jobless Rate: The December unemployment rate decreased to 6.7%, from 7.0% the prior month, but that was because more people dropped out of the workforce rather than found new jobs. 
 
 Yearly Figures: For 2013, employers added an average of 182,000 jobs each month. That is roughly in line with 2012, when payrolls expanded by about 183,000 positions each month. 
 
 Participation Rate: The December civilian labor force participation rate was 62.8%, weaker from a month earlier. It is also down from 63.6% in December 2012. 
 
 Longer-run Trend: December’s mild advance held back longer-term averages. Monthly job gains averaged 172,000 over the past three months, which was in line as well with the six-month trend. For the first half of 2013, payrolls expanded by 195,000 each month. 
 
 Winners: In December, employment rose in the retail sector, which added 55,000 new jobs. Other strong gains came from the wholesale trade industry (15,000) and professional and business services (19,000). 
 
 Losers: But employment in the construction sector was down by 16,000. Some economists had predicted before the report that colder weather could be to blame. The federal government’s workforce continued to shrink, with 7,000 fewer positions last month from November. 
 
 Earnings and Work Week: The average work week for private employees edged down to 34.4 hours last month from the prior month. Meanwhile, average hourly earnings for private employees rose by 2 cents to $24.17 from a month earlier. Over the year, average hourly earnings have risen by 42 cents. ||||| WASHINGTON (AP) — U.S. employers added a scant 74,000 jobs in December, the fewest in three years. The disappointing gain ends 2013 on a weak note after recent economic reports had raised hopes for a strong finish. 
 
 The Labor Department says the unemployment rate fell from 7 percent in November to 6.7 percent, the lowest level since October 2008. But the drop occurred partly because more Americans stopped looking for jobs. The government counts people as unemployed only if they are actively searching for work. 
 
 Cold weather may have slowed hiring. Construction firms cut 16,000 jobs, the biggest drop in 20 months. 
 
 December's hiring is far below the average gain of 214,000 jobs a month in the preceding four months. But monthly gains averaged 182,000 last year, nearly matching the previous two years.
– A pretty dismal number on today's jobs report: Just 74,000 jobs were created in December, the smallest monthly increase in three years; economists had expected 200,000. And while the unemployment rate fell to 6.7% from 7.0%, it was "for all the wrong reasons," writes Steven Russolillo at the Wall Street Journal. Specifically, the big drop can be explained by the fact that the participation rate fell to a new low of 62.8%, meaning fewer people were looking for work. The AP reports that cold weather could have played a role in the poor numbers, noting that construction firms cut 16,000 jobs—the largest drop in 20 months. One silver lining from the report: November's new jobs were revised upward to 241,000 from 203,000. And Russolillo writes that the same could happen here. "Something doesn’t smell right. This jobs number is so far out of whack from the recent economic data that have come out. Jobs data have been getting stronger for months, not to mention improvements in growth, housing, and manufacturing figures. Don't be surprised if this report gets revised higher in the coming months."