At the Fed’s December meeting, where the central bank raised interest rates, officials noted that the job market had improved appreciably over the past year and slack had declined. Most participants viewed the cumulative progress as “having brought labor market conditions to or close to those consistent with the Committee’s maximum-employment objective,” according to minutes of the session, released Wednesday.
US Unemployment Rate at 4.7%
The U.S. labor market turned in a solid performance at the end of 2016, putting job gains above 2 million for a sixth year as paychecks rose by the most during the current expansion. The 156,000 increase in December payrolls followed a 204,000 rise in November that was bigger than previously estimated, a Labor Department report showed Friday in Washington. The median forecast in a Bloomberg survey of economists called for a 175,000 advance. The jobless rate ticked up to 4.7 percent as the labor force grew, and wages rose 2.9 percent from December 2015.
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