U.S. economy has created more than 1 million jobs for the first time in nearly two decades.Raymond Billings (Author) Published Date : Feb 07, 2015 10:13 ET
A recent economic data has suggested that the strong U.S. economy had created more than 1 million jobs in the last three months for the first time in 24 years. It was also said that, with the strong surge in employment gains in January, has stimulated the best wage gains in 6 years. On Friday In a statement the Labor Department said, The 257,000 net new jobs that employers added last month were spread across high- and low-paying industries . The economists are also suggesting that the recent positive data may make the Federal Reserve to raise the interest rates as early as in June.
It was reported that the hourly earning had bounced back last month after showing a falling trend in December. According to the data, the hourly wages have risen 2.2 percent over the last 12 months, which is faster than the inflation rate. According to the economists the wage growth which has been edging higher will speed up more substantially by this time next year. According to the sources the hourly wages had been flat from the time of the great recession.
Recently in a town hall forum in Indianapolis, President Barack Obama mentioned that according to the recent job data the U.S. economy is improving. The President said, And in the single most hopeful sign for middle-class families, wages are starting to go up again. So America is poised for another good year . A recent data shows that the hourly average earning rose 12 cents in January, which had dropped 5 cents in the previous months. The economists are also saying that with the recent wage growth, U.S. is also seeing surge in growth of stronger labor force.
It was also reported that the Fed officials are closely watching the job sector growth as they want to raise the interest rate from June. In a speech President of Federal Reserve Bank of Atlanta Dennis Lockhart said, The quite modest growth of wages across the economy does not seem normal given the solid growth numbers we've seen in recent quarters .
U.S. economy has created more than 1 million jobs for the first time in nearly two decades.