United States adds huge 312000 jobs in December; unemployment rises to 3.9%

Share
United States adds huge 312000 jobs in December; unemployment rises to 3.9%

The Bureau of Labor Statistics (BLS) released its final monthly Employment Situation Report of 2018, marking a great year for American workers and the economy as a whole.

USA employers went on a hiring spree in December, adding a surprising 312,000 jobs and providing a dose of reassurance about the economy after a turbulent few months on Wall Street.

Overall, labor market performance surpassed expectations in 2018, boosted by the Tax Cuts and Jobs Act and stronger-than-expected labor force growth, reflecting the elevated optimism of households about job-finding prospects. Since President Trump was elected in November 2016, the US economy has created 5 million jobs.

However, the jobs report does point to a steadily growing economy, with the most new jobs created in health care, construction, and the restaurant industry. Manufacturing has been a bright spot since President Trump's election, and now averages 20,000 new jobs per month compared to 8,000 per month in the four years prior.

Hicks says revisions from earlier months also added 58,000 jobs in October and November.

Almost three-quarters of the "education and health services" jobs advance originated in "health care and social assistance" (+58,000 jobs). Courier and messenger employment is still over 9% higher than it was at this point previous year and is one of the fastest growing industries in the entire economy.

Construction added 38,000 jobs in December, with gains in heavy and civil engineering and nonresidential specialty trade construction.

Among the unemployed, the number of job leavers - unemployed people who immediately look for new work upon departure - increased by 142,000 in December to 839,000. The aggregate weekly payrolls index - a proxy for total personal incomes that combines average hourly earnings, average weekly hours, and employment - jumped by 0.9% supporting strong consumption growth at year-end. This is one of the most important - and underappreciated - labor market developments in recent years that explains the stronger-than-expected job growth and moderate wage growth numbers.

Private analysts had projected that jobs would grow by about 180,000 and that unemployment would stay at November's rate of 3.7 percent. The labor force participation rate rose to 63.1%.

Past year started with an unemployment rate of 4.1 percent. That lifted the annual increase in wages to 3.2 percent, matching October's gain, from 3.1 percent in November.

The strength of the labor market in 2018 also was widespread, affecting people of all backgrounds and education levels throughout the nation.

The good news didn't stop with that demographic either. Record low unemployment rates were also achieved this year for African Americans (5.9 percent in May), Asians (2.2 percent in May), and individuals with less than a high school degree (5.0 percent in July).

Unemployment dipped as low as 3.7 percent in 2018, the lowest mark since 1969. This marks the eighth consecutive month with positive job growth and puts trucking employment 2.5% higher than at this point past year.

The robust labour market, especially strengthening wage growth, suggests the economy will continue to expand this year despite the ebb in consumer confidence, continued weakness in the housing market and cooling manufacturing activity.

Share

Advertisement

Related Posts

Man City cruises to rout of Rotherham
We created a lot of chances (against Rotherham ) but if we play against Liverpool or in the Champions League we create just two or three chances.

HBO Drops Our First Official Look At 'Game of Thrones' Season 8
The series is HBO's biggest hit ever with some 30 million viewers in the United States alone and an army of devoted fans worldwide.

Carlow Man Grabs Winner As Newport Shock Leicester In FA Cup
Newport, who took Tottenham Hotspur to a replay previous year , held on to beat a top-flight side for the first time since 1964. It is one you have to savour. "I'm so proud, honoured to be leading them the way they performed", said Currie.

UAE to set up oil refinery in Pakistan: Info minister
The two leaders chose to form a task force to take all necessary measures to deal with matters relating to trade enhancement. The one-on-one meeting was part of Sheikh Mohammed's one-day state visit to Pakistan after a 12-year gap.

U.S., China hold crucial talks to ease trade war
UBS said Friday that 37 percent of 200 manufacturers surveyed by the bank have shifted out of China over the past 12 months. American companies like Apple and FedEx have already attributed lowered revenue estimates to the trade war with China.

Samsung Takes New TVs to The Window, to The Wall
By adding Micro LED modules users can seamlessly expand the display size to their preference including; irregular 9×3, 1×7 or 5×1. The result is a seamless, stunning infinity pool effect that allows the display to elegantly blend into any living environment.

‘We’ve got what we’ve got’: India series underlines Australia’s batting issues
"We know how hard it is to win overseas, first time it's ever been done, so well done to those guys", he said. Cheteswar Pujara, the Man of the Series, was the best Indian batsman. "We play to make the team win".

Social media is making teen girls depressed, study says
Among teenagers who had perpetrated online bullying, 32.8 per cent of girls and 7.9 per cent of boys were depressed. Percentage of girls in a study who reported experiencing disrupted sleep, compared with 28 per cent of boys.

Tata Open: Anderson clinches sixth title, denies Karlovic piece of history
He was also trying to get his first title in more than two years."I was close but could not do it, so a bit disappointed". He pushed the first set into a tiebreaker but Karlovic's serve pulled him through.

Bohemian Rhapsody Digital and Blu-ray Release Dates
The Bohemian Rhapsody Blu-ray will hit shelves in February, which the digital copy drops at the end of this month. The Bohemian Rhapsody Blu-ray will arrive on February 12 (along with the 4K Ultra HD and DVD releases).

© 2015 ExpressNewsline. All Rights reserved.