US jobs growth jumps in December
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Reuters
US companies went on a hiring spree in December
The US economy created many more jobs than expected in December, according to the latest government data.
Employers added 312,000 jobs, far ahead predictions of 177,000, the Labor Department said.
The unemployment rate nudged higher to 3.9%, but is still near historic lows. Average hourly pay increased at an annual rate of 3.2%, an improvement on the previous month’s figure of 3.1%.
The dollar shot higher after the numbers were released.
The increase in hiring largely occurred in health care, hospitality and leisure, construction, manufacturing, and retail.
New factory jobs in December meant manufacturing ended 2018 with the most jobs added in one year.
December’s rate of hiring far exceeded the roughly 200,000 jobs the US economy has added on average each month over 2018.
The Labor Department also revised job numbers for October and November, with both month’s showing more jobs created than previously thought.
