Published On: Mon, Jan 9th, 2017

Wages in USA grew at the fastest pace since 2009

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JobsThe employment outside agriculture sector in USA is growing by 156,000 jobs in December, but staying below the economists’ expectations for an increase of 178,000 jobs. The largest contribution to labor market has the health sector, which is adding 43,000 new jobs, while the bars and restaurants adds another 30,000 new positions. The industry remains a weak link, but in December still add 15,000 new jobs.

The unemployment rate rose by 0.1 percentage point to 4.7%, data showed the Office of Labor Statistics. The proportion of economically active Americans remained virtually unchanged at 62.7%.

The big news from the report, however, seems to be a sharp increase in wages. The average hourly wages rose by 0.10 USD to 26.00 USD, representing an annual growth rate of 2.9%. A month earlier increases in wages were modest.

Most important is the growth in hourly wages, which is the best since 2009. This gives further evidence that the Fed must conclude that the labor market has recovered. Mission accomplished and gives them the green light to accelerate increases in interest rates, according to the economists.

Overall, in 2016 in the United States were created 2.2 million jobs, which is about 0.5 million more than in 2015.

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