United States Jobs Creation Beyond Expectations
United States New data on monthly employment status by the Bureau of Labor Statistics (BLS) confirm, that the expansion of the historically strong US labor market has continued until 2020. The report of the establishment of the report found that the economy created 225,000 jobs in January The pair broke the market's expectations of 158,000 jobs. Upward revisions for November and December, the average monthly employment growth was a healthy 171,000 jobs over the previous year. The sectors that benefited the most last month were Education and Health Services (+72,000), Construction (+44,000), and Leisure and Hospitality (+36,000). The establishment survey in this month's report included the annual revisions of BLS . These amendments showed that 514,000 fewer jobs were added during the year ending in March 2019 than previously stated. These amendments do not mean that jobs were lost, but rather that they were already underutilized. But due to strong job growth in January, the economy still added 7 million jobs after President Trump's election. In the 38 months since the election, the economy has created at least 100,000 jobs in 34 months and added jobs every single month. Continued job creation has raised Americans' salaries over the past year. And half have the strongest earnings since the recession. Average per-year income has increased 3.1 percent year-on-year, the 18th consecutive month of 3 percent or more. Wages rose even more sharply for production and non-supervisory workers, who saw a 3.3 percent year-on-year increase. Under President Trump, workers 'wages have risen more rapidly than their managers' wages - an opposite result from the previous administration. The separate household survey shows that the unemployment rate peaked at 3.6 percent in January, after May 1969. Is close to its lowest level. January marks the 23rd consecutive month that the unemployment rate was less than 4 percent, or the longest streak in five decades. After President Trump was elected in November 2016, the unemployment rate was 1.1 percent below the Congressional Budget Office's last pre-launch projection of 5.0 percent and below its level. Historically disadvantaged groups are benefiting the most from today's tight labor market. In 2019, the unemployment rate for African Americans, Hispanic Americans, and Asian Americans all hit record lows. People with and without high school degrees also set record-low unemployment rates last year. Source U.S. Government website.