The last jobs report (December) for the Obama Administration is out. And it was ugly as usual, at least in terms of wage growth.
Total nonfarm payroll employment rose by 156,000 in December, with an increase in health care and social assistance. Job growth totaled 2.2 million in 2016, less than the increase of 2.7 million in 2015.
Employment in health care rose by 43,000 in December, with most of the increase occurring in ambulatory health care services (+30,000) and hospitals (+11,000). Health care added an average of 35,000 jobs per month in 2016, roughly in line with the average monthly gain of 39,000 in 2015.
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Yet wage growth remains terrible.
Average Hourly Earnings of Production and Nonsupervisory Employees YoY rose 2.5% in December. This is the first “recovery” since 1965 without at least one month above 3.0% YoY growth in hourly earnings growth.
And the are 95.1 million people NOT in the labor force, up 80.4 million when Obama first took office.
And Federal Reserve Chair Janet Yellen has another year as Chair! So cum on and feel the noize … of low wage growth and skyrocketing asset prices like housing.
“Hoddy Yellen” photo courtesy of Jesse from Jesse’s Cafe Americain.
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