Job creation in US economy exceeds forecasts

US economy has picked up during the month of December, with 292,000 net new positions being created, which seems to satisfy those who are concerned that the economy may be slowing down.

According to a report by the Department of Labour, over the past two months, job creation has been substantially stronger than the original reports stated, even though increase in wages were not accurate reflections of the job market.

The unemployment rate stood firm at 5 percent, as analysts had estimated that it would. But the number of new jobs created was much higher than the forecast of seasoned economists, standing at 200,000 new jobs created.

Data gathered for the month of December seemed to support the assertion of the Federal Reserve that there had been a boost in the employment sector. They used this data as a basis to justify increasing interest rates in the month of December, which was the first time the base interest rates had been increased in more than nine years’ time.

Across the board, hiring was more or less constant. The main sectors that were hiring included professional services, business services, construction and health care among several others.