The United States economy and its labor market has been watched closely ever since the industries have collapsed from the recession. Now, according to a report from NYTimes, 2016 is the year of the job market.
This year, the American employment market will continue to add jobs, and its wages will rise steadily. It will be just steady enough to put more savings on the table but not too quick that would empty the Federal Reserve.
This year, people who had stopped even looking for a job in recent years would come back into the job market which will allow for strong job growth mixed with a steady jobless rate. This has been the latest unemployment and jobs report in America. According to the March numbers, productivity growth is quite weak currently but 2016 is looking good so far. America will soon get back on track and so will its Americans - both employed and unemployed. The damage from the recession will eventually be healed.
Over the last four months, the size of the United States labor force has risen by 1.92 million, the strongest since early 2000. The unemployment rate has been stable as well. Job growth remains strong but NYTimes has it that it is "...pulling new people into the job market, not just pushing the unemployment rate lower."
Hourly wages have definitely improved as well. There is a .30% rise in average wages during March 2016 and 2.3% rise in 2015. Though the needle is moving slowly, the point is - it's moving. It is not a cause for celebration just yet because inflation is still brimming. Though the 2008 recession still left some scars that will not fully heal just yet, March 2016 offers a positive comfort to the job market as its heading to the right direction.
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