Report | United States Employment Update - February 2015
The U.S. economy's momentum carried over to the new year, with January posting 257,000 net new jobs. Factoring in sharp upward revisions in November and December, the labor market has registered 267,750 new jobs each month over the past year, well above average this cycle. A 20-basis-point increase in labor force participation to 62.9 percent resulted in unemployment rising by 10 basis points to 5.7 percent, indicating an increase in people looking for work; however, participation is still near record lows. Growth by industry was more uneven in January than in recent months, carried by education, health, leisure, hospitality, PBS and construction. Notably, financial activities is demonstrating signs of more sustained job creation, although still below previous peaks. Contrary to the accelerating rate of job creation in much of the economy, the office-using industries are seeing consistent and stable monthly additions, reducing their contribution to monthly figures. Other external indicators, such as consumer confidence, hires, quits and consumer spending all mirror the improvements seen in the labor market of late and will continue throughout 2015 and into 2016.
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