In December, total employment in the U.S. increased by 167,000 jobs, 67,000 more than forecasts of 100,000. Office and industrial jobs saw the greatest increase over December of 2005, while retail saw markedly lower numbers.
Office jobs rose by 62,200 jobs in December compared to the previous year average of 48,000. Industrial jumped from 13,000 in 2005 to 22,200 jobs this December while retail lost approximately 17,600, dropping from 31,000 in December 2005 to just 13,400 this year.
According to Citigroup economist Steven Weiting in a January 5 report, “A strong 4.2% YOY growth in hourly earnings combined with lower energy costs should support solid real consumer spending and employment data makes a reversal of monetary policy unlikely as the underlying recovery remains intact.”