Thursday, January 20, 2022

U.S. Economy Creates 2.65 Million Jobs in 2015

By on January 14, 2016

During the month of December, the U.S. economy created 292,000 new jobs, exceeding analysts’ expectations, while the nationwide unemployment rate remained at 5%. The U.S economy created a total of 2.65 million jobs for the whole of 2015.

The U.S. Department of Labor revised the increase in job-creation numbers for the month of October, the best month for 2015, reporting 307,000 new jobs. The last three months of 2015 saw the creation of 284,000 new jobs, the best increase registered in a year.

Meanwhile, average hourly earnings decreased slightly in December, settling at an average of $25.24 nationwide, although hourly earnings have increased 2.5% during the past 12 months.

The general optimism regarding the strength of the labor market contributed to the Federal Reserve’s decision in mid-December to increase the reference interest rates for the first time in almost a decade. Another four interest-rate hikes are expected throughout 2016. The U.S. unemployment rate since October has remained at 5%, the lowest since the beginning of the financial crisis in 2008.

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