Monday, March 16, 2015

Employers Added 295,000 Jobs In February And The Unemployment Rate Drops To 5.5 Percent!

More good news people!
The Labor Department released February’s employment figures and lo and behold the report shows that U.S. employers extended their hiring streak!

Here are the highlights from the report...

  • February was the 53rd straight month of employment gains in the U.S.

  • This the 12th straight monthly gain above 200,000.

  • The U.S. unemployment rate fell to 5.5 percent from 5.7 percent.

  • Unemployment is at lowest in point 7 years.

  • The average hourly wage rose just 3 cents to $24.78 an hour.

  • The average hourly pay has now risen just 2 percent over the past 12 months, just ahead of inflation.

  • Over the past 12 months, 3.3 million more Americans have gotten jobs.

  • More jobs and lower gas prices have led many consumers to step up spending which is in turn  boosting the economy, offsetting sluggish economies overseas and giving employers the confidence to hire.

  • At 5.5 percent, the unemployment rate has now reached the top of the range the Federal Reserve has said is consistent with a healthy economy.

  • According to the statistics these latest signs show that the U.S. economy is further strengthening and outpacing other major economies around the world.

  • Many economists estimate that growth will pick up in the current quarter to an annual rate of 2.5 percent to nearly 3 percent.

  • Economists are saying that they remain bullish about hiring despite the slowdown in growth. 

  • The fourth quarter's slowdown occurred largely because companies reduced their stockpiles of goods, which translated into lower factory output.

  • The report shows that companies focus more on consumer demand in making hiring decisions, and demand was strong in the October-December quarter. Americans stepped up their spending by the most in four years!

  • The report even showed some good news from last month showing that even though consumers were saving much of the cash they have from cheaper gas, spending in January still rose at a decent pace after adjusting for lower prices.

Chief U.S. economist at High Frequency Economics Jim O'Sullivan said that the jobs figures provide ...

"more evidence that the labor market is recovering rapidly, with employment growth more than strong enough to keep the unemployment rate trending down... (which) makes more acceleration in wages increasingly likely."

Mark Zandi, chief economist at Moody's Analytics, expects the economy to grow 3 percent this year, which would be first time it's reached that level in a decade which would be fast enough to support hiring of about 250,000 a month.

All in all really good news for the economy and people who need jobs.

Once again please sign your "thank you" letters to the:

Job Killing, Socialist, Communist, Wealth Redistributing, Tyrant In Chief... President Barack "Hussein" Obama!

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