CBI Confederation of British Industry : Economic Update

Amid ongoing global uncertainty the U.S. employment statistics turn up few surprises. The U.S. continues to add jobs to the economy, albeit at a slower rate, keeping the American unemployment rate down. However, employees are yet to see significant wage growth and participation in the market remains stagnant.

• According to the Labor Department, employment increased by 292,000 in December. The unemployment rate is essentially unchanged at 5.0% for the third consecutive month.
• Professional and business services employment increased by 73,000 in December, and construction added 45,000 jobs to the economy.
• On the other hand, the mining industry continues to scale back, with 8,000 jobs lost in December. Despite adding 41,000 jobs in 2014, 2015 has seen a total loss of 129,000 in the mining industry.
• 2015 job creation remains a positive story with 2.7 million jobs were added to the economy, despite falling from 3.1 million in 2014. However participation and wage growth remain a concern with just 62.6% of the U.S. population participating in the market, and subdued wage growth, with average hourly earnings rising by just 2.5% over 2015.