Friday brought mighty good news to all Americans, with special kudos to Democrats, and the Obama administration. The new job report claims employers have added a
plethora of jobs. And wages have increased to a
six year high. Here are some of the figures reported by AP Economics Writer Christopher S. Rugaber in the
The Boston Globe.
Jobs:
In January, 257,000 jobs were added.
In December, 329,000 jobs were added.
In November 423,000 jobs were added. (the most in 17 years)
At the start of the year, 20 states raised their minimum wages, a trend that might have contributed to January’s sharp overall pay gain. Some large companies, including Aetna and the Gap, have also announced wage increases for their lowest-paid employees.
The only downside to Friday's report, is the unemployment rate rose slightly from 5.6 percent to 5.7 percent. But that occurred for a good reason says Rugaber:
More than 1 million Americans — the most since January 2000 — began looking for jobs, though not all of them found work, and their numbers swelled the number of people counted as unemployed. The influx of job hunters suggested that Americans have grown more confident about their prospects.
Jobs Added By Sectors:
Construction firms added 39,000 jobs
Manufacturers added 22,000 jobs
Retail added 46,000 jobs
Hotels and Restaurants added 37,100, jobs
Health Care added 38,000 jobs
There are now 3.2 million more Americans earning paychecks than there were 12 months ago. That additional cash tends to boost consumer spending, which drives about 70 percent of economic growth.
Consumers are happy. With lower prices at the gas pumps, job growth, and wage increases, they are spending, adding more feathers to President Obama's cap.
Republican Senate Leader Mitch McConnell would do best not to make a fool of himself by taking credit, as he did last month.
For the full story, visit The Boston Globe