Sunday, January 10, 2016

Employers Added 292,000 jobs In December, Unemployment Rate Steady At 5.0%

According to the Bureau of Labor and Statistics U.S. job growth surged in December adding 292,000 new jobs. This blows away the original estimate in which economists had expected employment to increase by about 190,000 jobs

This is how this months report breaks down...

  • Total nonfarm payroll employment increased by 292,000 in December. 

  • Employment rose in several industries, including professional and business services, construction, health care, and food services and drinking places. Mining employment continued to decline. 
  • In 2015, payroll employment growth totaled 2.7 million, compared with 3.1 million in 2014.

  • Employment in professional and business services increased by 73,000 in December, with temporary help services accounting for 34,000 of the gain. 

  • Construction showed strong job growth for the third consecutive month, gaining 45,000 jobs in December.

  • In December, health care employment rose by 39,000, with most of the increase occurring in ambulatory health care services (+23,000) and hospitals (+12,000). 
  • Food services and drinking places added 37,000 jobs in December.

  • Employment in mining continued to decline in December (-8,000). After adding 41,000 jobs in 2014, mining lost 129,000 jobs in 2015, with most of the loss in support activities for mining. 

  • Manufacturing employment changed little in December, though its nondurable goods component added 14,000 jobs.

  • In December, average hourly earnings for all employees on private nonfarm payrolls, at $25.24, changed little (-1 cent), following an increase of 5 cents in November. Over the year, average hourly earnings have risen by 2.5 percent.

  • The change in total nonfarm payroll employment for October was revised from +298,000 to +307,000, and the change for November was revised from +211,000 to +252,000. With these revisions, employment gains in October and November combined were 50,000 higher than previously reported. Over the past 3 months, job gains have averaged 284,000 per month.

  • This has been the strongest two years of job creation since 1998-2000

  • President Obama has set monthly records for consecutive private sector job growth in America. 

  • 13.5 million private sector jobs were created in over 68 straight months.

  • In November, research showed that median household income had finally recovered from the Bush Recession.

  • Black unemployment rate has been cut in half under President Obama from 16.8% in 2010 to 8.3% now

Here are some economists take on the numbers...

Jason Furman, Chairman of the Council of Economic Advisers concluded...

Our economy has now added more jobs over the past two years than in any two-year period since 1998-2000. In fact, the annual average unemployment rate has seen its fastest two-year decline in thirty years. Most importantly, wages have risen faster over the past year than at any time since the recovery began."

Nick Timiraos of the Wall Street Journal pointed out...

"Since June 2009, almost all of the 9+ million jobs added have been full-time positions,” 

Mark Zandi chief economist of Moody's analytics proclaimed the...

"Strong job growth shows no signs of abating. If this pace of job growth is sustained, which seems likely, the economy will be back to full employment by mid-year,. This is a significant achievement, given that the last time the economy was at full employment was nearly a decade ago."

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