In this article the US's job growth for the month of January is detailed. In the January, the US added 257,000 shrinking the unemployment rate from 5.7% to 5.6%. Additionally, reports from November 2014 and December 2014, were also corrected when the number of jobs added in each month grew by 70,000 and 77,000. November marked the strongest single month for job growth since 1997.
Here were Wall Street's expectations, via Bloomberg:
- Nonfarm payrolls: +230,000
- Unemployment rate: 5.6%
- Average hourly earnings, month-on-month: +0.3%
- Average hourly earnings, year-on-year: +1.9%
- Average weekly hours worked: 34.6
Hopefully, this continued growth will create some optimism for the US and world economies. However it will be interesting to see how the strength of the dollar and the continued decline of oil prices will effect February's unemployment rate.
2 comments:
Even though are seeing a decline in the unemployment rates, the commercial markets are not as active as pre-recession times. Also, job creation has, shall I say, not been up to par. I would say economies worldwide are still in recovery mode.
Although I'm hopeful that these jobs are in the long-term economy, I'm worried that this may be a short-term indicator, especially with the European economic community in a slow motion economic mess and our Asian partners facing economic trouble on the horizon.
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