US employers added a stellar 312,000 jobs in December


Posted On Sep 19 2019 by

first_imgWASHINGTON — U.S. employers dramatically stepped up their hiring in December, adding 312,000 jobs in an encouraging display of strength for an economy in the midst of a trade war, slowing global growth and a partial shutdown of the federal government.The Labor Department said Friday that the unemployment rate rose slightly to 3.9 percent, but that reflected a surge in jobseekers— a positive for growth.Average hourly pay improved 3.2 percent from a year ago, up from average wage growth of 2.7 percent at the end of 2017.The jolt in hiring offers a dose of reassurance after a tumultuous few months as the outlook from the financial markets has turned decidedly bleaker. Job growth at this pace is a sign that the economy will continue to expand for a 10th straight year, even if overall growth slows somewhat because of the waning stimulus from President Donald Trump’s tax cuts.Although employers are showing their confidence, the financial markets have become increasingly worried.Major companies such as Apple say their sales are being jeopardized by the tariff-fueled trade war between the United States and China. Factory activity in China and the United States have both weakened, with the Institute for Supply Management’s U.S. manufacturing index on Thursday posting its steepest decline in a decade.The government is about to enter its third week of a partial shutdown, with negotiations stalled over President Donald Trump’s insistence that Democrats agree on funding for a wall along the border with Mexico. And attacks by Trump on the Federal Reserve over its rate increases have raised doubts about Chairman Jay Powell’s status — a concern for both the markets and the economy.last_img

Last Updated on: September 19th, 2019 at 7:29 am, by


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