Millennium Post

US job growth at 15-year high; unemployment dips to 5.6%

“The unemployment rate declined by 0.2 percentage point to 5.6 per cent in December, and the number of unemployed persons declined by 383,000 to 8.7 million,” the Department of Labor Statistics said in its latest monthly report released Friday.

“Over the year, the unemployment rate and the number of unemployed persons were down by 1.1 percentage points and 1.7 million, respectively,” it said.

The unemployment rate is at its lowest point since 2008.

The New York Times described 2014 as the best year for the job market since the recession began eight years ago. “For now, 2015 is shaping up to be the year of the consumer, with benefits from lower prices for imported goods as well as falling oil prices, which are offering a windfall,” the paper reported.

“One economist likened the lower prices to the equivalent of a decent pay raise of about $1,000 a person for the year, if prices stay low,” it said.

The report said the American economy has still not broken free from the lingering effects of the downturn and there are several things to worry about for the coming year.“It’s encouraging news as the US tries to put the Great Recession and sluggish recovery solidly behind it.
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