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U.S. economy added 252,000 jobs in December U.S. economy added 252,000 jobs in December
(35 minutes later)
The U.S. wrapped up its best year of labor market growth since 1999 by adding 252,000 jobs in December, according to government data released Friday morning, fueling the momentum of an economy that is returning to pre-recession form. The nation wrapped up its best year of labor market growth since 1999 by adding 252,000 jobs in December, according to government data released Friday morning, fueling the momentum of an economy that is returning to pre-recession form.
Along with the jobs numbers, the U.S. Department of Labor said that the unemployment rate fell to 5.6 percent, down from 5.8 percent in November. The U.S. Department of Labor said that the unemployment rate fell to 5.6 percent, down from 5.8 percent in November, a new post-recession low.
The job total last month means that the nation generated 2.95 million positions for the year, growth that President Obama this week described as evidence of an American comeback. Some economists say that the U.S. recovery is likely to gather more speed in 2015, as tighter employment pushes up wages and cheap oil translates into gasoline savings for consumers. The latest jobs growth means that the nation generated 2.95 million positions in 2014, growth that President Obama this week described as evidence of an American comeback. Some economists say that the U.S. recovery is likely to gather more speed in 2015, as tighter employment presumably pushes up wages and cheap oil translates into gasoline savings for consumers.
The one fly in the ointment in December's numbers: Hourly wage growth fell by 0.2 percent. Still, wage growth remains the missing piece of this recovery. The reporter showed hourly earnings for private employees actually fell in December, to $24.57 from $24.62. That small decline snuffed out some of the budding hope from the previous month when wages had appeared to jump. The latest numbers also pose a dilemma for the Federal Reserve, which is debating a short-term interest rate hike, but with the expectation that wages will pick up in 2015.
“I think the unemployment rate might have to go down to the low 5s before we start to see some upward pressure on wages,” said Alan MacEachin, an economist at the Navy Federal Credit Union. “There are still too many folks out there that are willing to grab the jobs that are available.”
The 252,000 jobs added in December was just slightly ahead of the expectations of economists polled by Bloomberg. In November, under totals revised Friday, the nation added 353,000 new jobs, up from the originally stated 321,000. The best job growth of 2014 came in the final few months.The 252,000 jobs added in December was just slightly ahead of the expectations of economists polled by Bloomberg. In November, under totals revised Friday, the nation added 353,000 new jobs, up from the originally stated 321,000. The best job growth of 2014 came in the final few months.
In a research note, Wells Fargo Securities called that trend “an encouraging sign that the U.S. economic expansion is set to not only continue, but most likely accelerate in the coming year.”In a research note, Wells Fargo Securities called that trend “an encouraging sign that the U.S. economic expansion is set to not only continue, but most likely accelerate in the coming year.”
The latest data comes amid a flurry of encouraging domestic economic news. The United States has seen two quarters of gross domestic product growth unmatched since 2003. The Dow is near a record-high. The median duration of unemployment is about half what it was six years ago. Consumer confidence is at a post-recession high. Also, the country is beginning to see a return of higher-paying jobs — a noted contrast to periods earlier in the recovery, when growth was concentrated in part-time positions and the retail and health sectors.The latest data comes amid a flurry of encouraging domestic economic news. The United States has seen two quarters of gross domestic product growth unmatched since 2003. The Dow is near a record-high. The median duration of unemployment is about half what it was six years ago. Consumer confidence is at a post-recession high. Also, the country is beginning to see a return of higher-paying jobs — a noted contrast to periods earlier in the recovery, when growth was concentrated in part-time positions and the retail and health sectors.
The improving labor market suggests a tightening of conditions that could lead to wage increases — one of the missing pieces of the recovery. Broader employment gives leverage to workers, who are suddenly more in demand and have a better chance to see raises.