It looks like despite the troubling international drop in the economy, job count has gone higher.
United States payrolls increased in December by 292,000. This number has been posted by the Labor Department last week indicating that hiring boosted nonfarm payrolls because of the shift in weather.
The unemployment rate remained steady at 5% even though more people entered the labor force. This shows signs of confidence in the job market.
This employment data boosts confidence when it comes to the economy's state and that the recent weakness at the start of the year is contributed largely by the export and manufacturing sectors. Pain points also came from cuts from energy companies, China's losses, and businesses trying to meet global demand.
The Chief Investment Officer from Atlantic Trust Private Wealth Management, David Donabedian, analyzes the robust employment data:
It gives us a short-term shot in the arm and pushes back the idea that we are headed for a global recession or that weakness in China will sink our economy.
The dollar remains strong and this positive and upbeat report in employment has helped strengthen the recent Wall Street bleeding at the start of the year but it was offset by the continuous decline in oil prices.
The global market is still concerned about China's slowdown. The country is the second largest economy, the first being the United States, and it is currently implementing circuit breakers during trading.
United States payrolls for October and November were revised to show 50,000 more job creations than previous numbers. However, there's just one little crimp - a 1 cent drop in average hourly wages. 2015 created 3.1 million which is the second employment growth since 1999.
Now, ecomonmists are seeing that the labor market is strengthening but Fed policy makers should now focus on wage growth, reports indicated.
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