2015 ended with some good news on the employment front. SMFN’s Ryan Gaumont reports that U.S. economy added 292,000 jobs in December, according to the Bureau of Labor Statistics. The figure handily beat expectations and suggests that the labor market will stay strong into 2016.
One consequence could be that the Federal Reserve might raise interest rates again. The previous rate increase by the Fed was the first one in almost ten years. Minutes from the Fed's December meeting, recent released, noted 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.”
With the number of jobs added in December, the total job gain for 2015 is close to 2.7 million. That makes it the best year since 1999. The unemployment rate stayed at 5% for the third straight month. Wages, however, have not grown. And 2015 saw a 2.5% year-over-year growth in wages for American workers.
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