US

Slow But Positive Growth For US Continues With 292K New Jobs

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The U.S. economy picked up an additional 292,000 new jobs in December according to the Bureau of Labor Statistics (BLS) jobs report Friday.

The monthly report shows job growth continues to be positive while unemployment stays the same. Unemployment has remained at roughly 5 percent since September. Currently, 7.9 million individuals are still out of work. Business services, healthcare and the service industry were the most positively impacted by the job growth.

“Total nonfarm payroll employment rose by 292,000 in December, and the unemployment rate was unchanged at 5.0 percent,” the report states. “Employment gains occurred in several industries, led by professional and business services, construction, health care, and food services and drinking places. Mining employment continued to decline.”

The report tracks many industries but excludes farm workers, private household employees and nonprofits. While the recovery has been positive, it does also show some troubling trends. The civilian labor force participation rate, which tracks those employed or seeking employment, has changed little. The rise in jobs is likely caused by those new to the workforce or who were not previously suffering from long-term unemployment.

“The number of long-term unemployed has shown little movement since June, but was down by 687,000 over the year,” the report notes. “The civilian labor force participation rate, at 62.6 percent, was little changed in December and has shown little movement in recent months.”

The recent increase seen in wages has also appeared to slow. Wages actually went down by about one cent on average. In comparison, average hourly earnings have risen by 2.5 percent in the past year.

“In December, average hourly earnings for all employees on private nonfarm payrolls, at $25.24, changed little,” the report notes. “Following an increase of 5 cents in November.”

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