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Breaking: December Jobs Report Shows Huge Growth, Wage Increases

Job growth in December clobbered expectations, according to a report released Friday by the Bureau of Labor Statistics.

The U.S. economy gained 312,000 jobs in December, well above the 176,000 it was expected to add, NBC reported.

Not only were more people working, they were making more money. Wage growth rose four-tenths of a percent in December, leading to a 3.2 percent overall increase in wages for the year.

For the year, the economy added an average of 220,000 jobs per month, higher than the past two years.

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“This is the strongest employment report of this economic cycle — hands down. While we’ve seen greater job gains in some months, the plus-300,000 number along with another increase in average hourly earnings clearly signals that the economic expansion ended 2018 on strong footing,” said Tim Mahedy of Bloomberg Economics, according to Bloomberg.

“Perhaps most surprising was the two-tenths rise in the unemployment rate due to an increase in participation. It’s one month of data, but talk of the Fed cutting rates in the near future should be off the table for now,” he said.

Unemployment rose to 3.9 percent, which the Labor Department said was caused by people who were not previously looking for work now seeking employment.

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“The December employment report continues to show just how impressive the labor market is as we kick off 2019,” said Steve Rick, chief economist at CUNA Mutual Group.

“After a disappointing November report, December’s strong performance quells any lingering feelings that a hiring plateau might have occurred from the impact of tariffs and recent market volatility.”

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The report is likely to influence federal economic policy, one commentator said.

“The solid news on the job market is one argument to allow the Federal Reserve to stick to its forecast for two interest rate hikes in 2019 despite low inflation,” said Mark Hamrick, senior economic analyst at Bankrate. “We’ll need to see whether business and consumer confidence holds up, or not, in the coming months amid the headwinds including U.S./China trade and slowing global growth.”

The health care sector added the most jobs with 58,000 followed by leisure and hospitality, which added 55,000, USA Today reported.

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Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack can be reached at jackwritings1@gmail.com.
Location
New York City
Languages Spoken
English
Topics of Expertise
Politics, Foreign Policy, Military & Defense Issues




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