On Friday, the Labor Department released the jobs report for December – and it’s amazing.
The economy added 312,000 new jobs last month much more than the 181,000 Wall Street analysts were expecting.
“It’s much higher than expected,” said Julia Pollak, a labor economist at ZipRecruiter. “The overall picture is that there is strong job growth on Main Street and it continues to be quite robust, despite uncertainty on Wall Street.”
Some worry that the economy may be overheated, especially as the global economy shows signs of weakening, but December’s report demonstrates that the U.S. is strong and strengthening.
“Despite recent stock market volatility, the underlying economy is strong and growing,” says Andrew Chamberlain, chief economist of Glassdoor.
In addition to the near-record jobs numbers, wages rose at a nine-year high of 3.2% on an annual basis – real wage growth that working families will feel in their monthly budgets.
Health care, hospitality, business services and retailers led the way in the hiring spree, but manufacturing added 32,000 – the most in 20 years – despite the media’s constant droning about the trade war with China.
The unemployment rate ticked up .2% to 3.9%, but for good reason – more Americans stepped back into the red-hot jobs market as evidenced by the labor force participation rate edging higher to 63.1 percent.
The is nothing but fantastic news in the December jobs report – higher wages, more jobs, more people working, manufacturing is back … in just a few words… Thank you, President Trump.Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!