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Stellar U.S. jobs report prompts all-caps Trump Tweet

Stellar U.S. jobs report prompts all-caps Trump Tweet

Service sector employment rose by 227,000 in December.

Even with fear of a global economic slump depressing stock markets, Friday's jobs report for December is expected to offer reassurance that the US economy remains sturdy and on track to expand for a 10th straight year. The aggregate weekly payrolls index - a proxy for total personal incomes that combines average hourly earnings, average weekly hours, and employment - jumped by 0.9% supporting strong consumption growth at year-end. The rally kicked into high gear and the Dow Jones Industrial Average ended with a posting a 3.3 per cent gain, also helped by Federal Reserve Chairman Jerome Powell who said the USA central bank would be "patient" in deciding on any further increases in the benchmark lending rates.

Jobs numbers come on the heels of a report Thursday from payroll processing firm ADP, which revealed the private sector added 271,000 jobs in December, soaring past analysts' expectations of 178,000 jobs. The unemployment rate was 3.9%, compared to 3.7% in November.

The positive jobs report was welcome news to Americans concerned about more interest rate hikes, the Trump administration's trade war with China, the government shutdown and a slowing global economy.

Slow income growth has been the most persistent problem afflicting the USA economy in its recovery from the Great Recession.Wages have barely kept up with the cost of living, even as the unemployment rate dropped and the economy expanded. He added that the report "suggests the United States economy still has considerable forward momentum". That could mean the January jobs report released next month would show a drop rather than a gain in employment.

Manufacturing added 207,000 jobs in 2017. Hiring and wage gains will support consumer spending and offer some respite after a spate of weak economic data and cuts in corporate revenue forecasts fueled stock-market jitters.

The average monthly increase in USA construction jobs in 2018 was +23,000, which was +12.0% higher than 2017's average monthly increase of +21,000.

The unemployment rate, which has remained at historic lows, inched up slightly last month - the greatest increases were seen among male workers.




The report did not include the impact of about 380,000 federal workers who were furloughed in December because of the government shutdown.

Wages grew 3.2 percent in the year since December 2017 after almost a decade of tepid growth, the Labor Department's latest numbers showed.

Government jobs saw a gain of 11,000.

The economy grew at a 3.4 percent pace in the third quarter.

The manufacturing industry posted net job gains of 284,000 over 2018, capping its best calendar year since 1997. Job growth averaged 220,000 per month in 2018.

Hiring jumped in healthcare, bars and restaurants, construction and, notably in manufacturing, especially for durable goods, fabricated metal products and computers and electronics - all sectors that complain of lower profits and lost sales due to global trade tensions.

And businesses are still searching for more workers. The professional and business services (583,000) and education and health services (517,000) industries produced over half-a-million jobs each.


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