WASHINGTON: The US jobs machine picked up pace in December, generating a huge 292,000 net new positions, stifling worries that the economy could be slowing down.
The Labour Department reported on Friday that job creation for the previous two months was also significantly stronger than originally reported, though wage gains still did not reflect much tightening of the labour market.
The unemployment rate held at 5.0 per cent, as expected, but the number of new jobs created was far better than economists had forecast, at around 200,000.
The December data appeared to confirm the views of the Federal Reserve that the employment sector was seeing enough growth and tightening to justify it raising interest rates last month for the first time in over nine years.
Hiring was solid across the board, led by construction, professional and business services, and health care.
Courtesy : Dawn News