Wednesday, January 10th, 2018
Unemployment rate held at 17-year low with 1,48,000 jobs added by US companies
- By Shalini Gupta |
- Saturday, January 6th, 2018 |
- 0 Comments
US economy evolved as a full-employment economy with unemployment rate remained 4.1% for the 3rd consecutive month. It was the lowest unemployment level since the year 2000.
US companies added 1,48,000 jobs in December 2017, according to the statement of the labour department. Though the statistics of the November was 2,52,000 so far, but according to the economists, this trend is a solid momentum in the new year – hourly income increased by 2.5% from the statistics of November i.e. 2.4%.
The job growth has been slightly more than analysts expected at the starting of the 1st year of Donald Trump’s government. The US economy is near maximum employment with keeping the central bank gradual interest-rate hikes in 2018.
Unemployment rate of African-Americans reached to 6.8% in December, which was a record low. Major economic growth in both the United States and other countries overseas is supporting more employment. A survey report showed the graph upward with manufacturing industry added 25,000 jobs; construction industry added 30,000 jobs and hotel industry added 29,200 jobs.
Economics experts analysed that tax cuts by the Donald Trump administration has really helped the economy for a decent pace of job growth. Some experts are expecting that the rate of unemployment in the US will drop nearly 3.5% by the end of 2018. There is still a demand for qualified people in many industries; and nearly 6 million jobs are available as per the government record – which is also a record high as per the statistics.
Economists are observing whether the $1.5 trillion tax update marked in December would convert to bigger wage boost up or not. Though the Trump administration had the logic that tax cuts for corporations would give rise to productivity and boost wages for employees.
After a successful season in holidays, one of the largest restaurant chains, Pizza is expecting to open another restaurant in Chicago. It will roughly create 70 more jobs with expecting to open another three restaurants by the end of 2018. Wayne Jones, CEO of Anthony’s Coal-Fired Pizza, told that they had a delayed step to recruit employees in their first restaurant at Chicago because they faced harder time to select right candidates. However, the company maintained their wage growth like this – a starting cook can earn nearly $16 per hour, which is not at all a bad wages.