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Jobs Report: U.S. Adds 252,000 Jobs; Unemployment Falls to 5.6%
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Tags: Current Focus, United States,
The U.S. unemployment rate drops from 5.8% in Nov. 2014 to 5.6% in Dec. 2014, according to the Labor Department. But hourly earnings failed to register growth. Average hourly earnings declined in Dec. 2014 from the prior month, and increased by only 1.7% over the prior year, just a little bit above the inflation rate of 1.3%. Overall 2.95 million jobs were created in 2014. Yet 8.7 million Americans looking for a job could not find one. The U.S. Federal Reserve officials see tepid wage growth as a sign of slack in the labor market. The Dec. 16-17 Fed meeting minutes show that "most participants saw no clear evidence of a broad based acceleration in wages." The labor force participation rate is also stuck at a low level- 62.7% in Dec. 2014. The U-unemployment rate that includes involuntary part time workers and workers marginally attached to the labor force was at 11.2% in Dec. 2014. This includes workers too discouraged to look for work and people working parttime because they could not get full time work. It is steadily dropping from 16.6% in 2010 to 14.4% by 2012, 13.1% by 2013, and now 11.2% in 2014, showing steady improvement but still high.
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Jobs Report: U.S. Adds 252,000 Jobs; Unemployment Falls to 5.6%
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Unemployment drops to 5.6% by Dec. 2014, but with little wage growth. The labor participation rate remains at a low level. The U.S. Fed sees tepid wage growth as a sign of slack in the U.S. economy.
Grouped Articles
Jobs Report: U.S. Adds 252,000 Jobs; Unemployment Falls to 5.6%
Wall Street Journal 01/09/2015
Amid Gains in Jobs and Pay, Americans Rejoin the Work Force
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Over 50, Female and Jobless Even as Others Return to Work
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Wall Street Journal 08/12/2014
Labor-Market Dropouts Stay on the Sidelines
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Jobs Report: U.S. Adds 252,000 Jobs; Unemployment Falls to 5.6%
Wall Street Journal 01/09/2015
The Hurdles to Getting U.S. Workers Off the Sidelines
Wall Street Journal 03/07/2016
Modest U.S. Jobs Growth Keeps Labor Market Steady
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