Year Ends with Impressive Job Gains Overall

By Toni Vranjes

January 9, 2015

Although employment growth slowed down at the end of the 2014, job creation for the entire year was very strong, according to an analysis by a research firm.

New data show that employment in December rose by 252,000, down from a revised total of 353,000 in November.

Last month, the jobless rate fell from 5.8 percent to 5.6 percent, the Labor Department reported today. It was driven down partly by a 273,000 decline in the labor force.

down_arrow_5_pt_6In an analysis of the government’s report, IHS Global Insight stated that average monthly job growth in 2014 was 246,000, up from 194,000 in the previous year. The combined total was 2.95 million jobs in 2014, up from 2.33 million the prior year. It was the best level of growth since 1999, according to IHS.

The December report included a lot of good news.

For instance, a number of industries saw employment growth. Professional and business services gained 52,000 jobs, and construction was up by 48,000. Other areas of growth included food and drinking establishments, health care, and manufacturing.

Also, the government revised employment growth upward for both October and November. For those two months combined, employers created 50,000 more jobs than previously reported.

But the news on wages was less rosy. Average hourly earnings fell by 5 cents in December, the government report shows.

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