The labor market over the past year was one for the record books with unemployment rate near its lowest level in some 5 decades, and 2.6 million jobs in 2018, the most since 2015. An average of just over 206,000 jobs were added per month, as the economy showed continued strength. "2018 was gangbusters," says Mark Zandi, chief economist at Moody's Analytics. "We had average monthly growth of over 200,000 juiced by tax cuts, government spending increases and fiscal stimulus." The biggest gains in terms of the number of jobs added this year were in professional and business services, education and health services, leisure and hospitality, manufacturing and construction. So as concerns of a trade war grow and stock market volatility persists into the new year, what will 2019 look like when it comes to jobs and hiring?

Sectors to watch in the year ahead

Experts expect more of the same in 2019 in terms of growth. "We overwhelmingly consume services," said Megan Greene, managing director and chief economist at Manulife. "I would say the top sectors will be professional and business services and beyond that, education." Health care will be another sector to watch for growth, economists say, as will leisure and hospitality if consumers continue to feel confident and spend more. As the housing market cools in the face of rising interest rates, construction jobs will likely slow. "It's a confluence of higher rates, a supply shortage and tax code changes with housing. I am not expecting a crash, but it probably won't contribute to growth," Greene said. The factors that stand to impact job growth in the next year include the Federal Reserve's action on interest rates, oil prices, and what year two of tariffs look like. Sectors like manufacturing will be particularly sensitive. "The trade war is starting to do some economic damage," Zandi said, and that will continue if the Trump administration doesn't find an end to tensions with China. And if market turmoil and losses continue, the job market stands to be hit. "If this downdraft in stock prices at the end of 2018 is sustained, it will hurt and ding the job market because it will take some starch out of consumer spending, retailing and housing," Zandi said. "But we should have another good year for job growth — not quite as good as 2018, but it should be a good year."

Hiring trends in 2019