Putting aside all of the partisan crap, we're doing quite well.
U.S. added 292,000 jobs in December; unemployment rate steady at 5 percent
U.S. added 292,000 jobs in December; unemployment rate steady at 5 percent
The U.S. economy finished the year with a red-hot hiring spree, adding 292,000 new jobs as the unemployment rate held steady at 5 percent, according to new government data released Friday morning.
The latest jobs report exceeded the expectations of economists and investors and provided a reassuring note about the resiliency of the labor market, even amid volatile oil prices, a major slowdown in China and modest overall growth at home.
In all, the nation added 2.65 million jobs in 2015, the second-best year for hiring since 1999 and one that improved markedly in the last quarter. The economy added an average of 284,000 new monthly positions between October and December; in the first three-quarters of the year, the monthly pace was 200,000. Wage growth remains tepid, but the unemployment rate stands at its lowest point in more than seven years.
In a sign of confidence in the economy, the Federal Reserve in December raised interest rates for the first time in nearly a decade, removing the easy terms of borrowing that had helped stimulate the economy. The Fed’s 10-member voting committee said in meeting minutes released this week that the labor market, though still shy of its full potential, showed “further improvement” and “confirmed that underutilization of labor resources had diminished appreciably since early this year.”
The jobs data from December showed a labor market that is steadily growing but providing only modest wage gains to employees. Last month the average hourly wage fell by a penny, to $25.24. Since one year ago, wages are up 2.5 percent — below the pace from before the Great Recession, but a tick above the crawling pace maintained throughout much of the recovery. If there’s any consolation, it stems from lower oil prices, which have helped to push down the inflation rate while increasing the purchasing power for consumers.