Economy

United States job growth slows in December; wages increase

United States job growth slows in December; wages increase

That marks a 2.5 percent increase in wages over a year ago, slightly ahead of consumer inflation.

"It marks a swift comeback for black workers, who suffered through extremely high unemployment during the Great Recession", the article states. Over the year, the unemployment rate and the number of unemployed persons were down by 0.6 percentage point and 926,000, respectively.

There was no change in the unemployment rate, which declined by seven-tenths of a percentage point a year ago.

Meanwhile, the Labor Department said the unemployment rate came in at 4.1% in December, unchanged from the two previous months and in line with economist estimates.

In January 2017, there were 18,436,000 employed black Americans over the age of 16.

The U.S. central bank raised rates three times in 2017 and planned to make the same number of hikes this year.

But retail employment fell by 20,000, and professional and business services slowed sharply to a gain of just 19,000 after two months, with increases of close to 50,000. This was in contrast to trade/transportation/services, which gained 45,000 jobs during the month, and professional/business services, which gained 72,000, the company said.

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That may force employers to raise wages to attract workers.

Edmonton's unemployment rate fell from 9.1 per cent in August 2017, to 6.6 per cent in December. Job gains occurred in health care, construction, and manufacturing.

But the economic stability started years before he entered the White House. Within the industry, employment in general merchandise stores declined by 27,000 over the month.

Retail employment edged down in 2017, losing 67,000 jobs after gaining 203,000 jobs in 2016. But as always, there are industries that performed better than others in terms of employment growth.

Average hourly private-sector wages rose by 2.5 percent compared to a year ago. Hourly earnings are up by about 2.5 percent year over year as of November, which is actually below the 12-month earnings growth posted in November of last year. Average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $22.30 in December.

Revisions to the October and November data also subtracted 9,000 jobs from the economy, making the picture for the fourth quarter even more disappointing.

The change in total nonfarm payroll employment for October was revised down from +244,000 to +211,000, and the change for November was revised up from +228,000 to +252,000. Including the prior month, essentially smoothing the last three months of job data for Hurricane effects, payrolls grew at an average of 170,000 jobs per month - approximately the same pace as the yearly average of 174,000 per month.


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