Exceeding expectations, the US economy added 2.65million jobs in 2015 while the unemployment rate remained steady at 5 per cent, the US Department of Labor has said in its last jobs report for the previous year.
As many as 292,000 jobs were added in December, the report said adding that job gains had averaged 284,000 a month in the last quarter of the year.The unemployment rate of 5 per cent was at a seven-and-a-half-year low for a third straight month.Exceeding expectations, the US economy added 2.65million jobs in 2015 while the unemployment rate remained steady at 5 per cent, the US Department of#
Not only did the job creation in December surpass expectations, but the jobs figures from the previous two months were revised upwards significantly. November figures were revised from 211,000 to 252,000 and October's from 298,000 to 307,000. Additionally, the number of Americans working part-time but wanting full-time jobs went down by 764,000 in 2015, to six million, media reports citing the Labor Department said.
Overall, in 2015, average hourly earnings increased by 2.5 per cent. In order for low-income Americans to feel the impact of the US economic recovery, wage growth would have to reach 3 to 4 per cent a year.
The creation of more than 292,000 jobs in December was “an indication of a relatively strong labor market in 2015, especially compared with the Great Recession and the beginning of the recovery”, said Elise Gould, senior economist at the left-leaning Economic Policy Institute. She added that the US economy still had a “way to go before we reach full employment”.
But Federal Reserve chairperson, Janet Yellen, expects the US labour market to continue to improve in the coming year. She predicts that the US will reach full employment in 2016 or 2017. (SH)
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