US Jobs and Employment Statistics: Increase in Job Growth Reportedly Points to Higher Wages, Salaries for 2015
The United States job market is growing closer to its full health as employers added 257,000 jobs in January and increased wages.
According to The Associated Press a government report issued Friday showed hiring was stronger than predicted in November and December. Employers added 414,000 jobs in November and 329,000 in December, showing the U.S. is experiencing a healthy recovery just five and a half years after the Great Recession.
"For the average American, it's certainly good news -- 2015 is going to be the year of the American consumer," said Russell Price, senior economist at the financial services firm Ameriprise. "With job growth being strong, we're going to see a pickup in wages and salaries."
Average hourly wages saw its sharpest increase since 2008 at 12 cents last month. Hourly pay has risen by 2.2 percent in the past year when hourly wages have stayed stagnant in previous years.
More than 1 million Americans began looking for jobs last month, raising the unemployment rate to 5.7 percent from 5.6 percent. Yet, the amount of Americans looking for jobs is higher than it has been since 2000.
Job gains have averaged 336,000 for the past three months where the average was only 197,000 just a year ago.
"The labor market was about the last thing to recover from the Great Recession, and in the last six months it has picked up steam," said Bill Hampel, chief economist at the Credit Union National Association. "The benefits for the middle class are now solidifying."
Steady economic growth has encouraged employers to keep hiring. Over the spring and summer, the economy expanded at a 4.8 percent annual rate. Lower gas prices and increase in hiring has also boosted consumer spending.
There are now 3.2 million more Americans working than there were about a year ago.
Meanwhile, likely presidential GOP candidate former Florida Gov. Jeb Bush predicted a 4 percent job growth for the Unites States, Washington Post reported.
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