Regarding the employment situation reported in December 2014, U.S. Secretary of Labor Thomas E. Perez made the following statement:
“The U.S. economy closed out the year on a continued hot streak – 252,000 new jobs, with the unemployment rate falling to 5.6 percent. December was the 58th consecutive month of private sector job growth, to the tune of 11.2 million jobs. Average unemployment for 2014 was down 1.2 percentage points from 2013, the largest decrease since 1984.”
Thanks to Obama’s tactics and the American people’s hardiness, we can finally say that the Great Recession is slowly but steadily becoming a thing of the past. But the fight is not yet over. There are plenty of improvements on the way. Obama is now planning to help Americans own homes. He also wants to apply a program that will ensure any American willing to study two years of community college free of tuition.
According to president Obama:
“There is plenty of unfinished business in this recovery. We need to do more to achieve meaningful wage growth because too many middle-class families are still working hard but falling further behind. We need to do more to ensure that the economy works for everyone, to create broadly-shared prosperity.”
In terms of jobs, 2014 has great outcomes. A total of 3 million new jobs were added, most of them being full-time. Most jobs were created in the field of professional & business services (732,000 new jobs). Other categories include education & health services with 482,000 new jobs and construction (up 290,000 new jobs). The least improved sector was manufacturing with 186,000 new jobs.
In order to understand this massive change, one has to look at job statuses in 2009 when getting hired meant being better than other 6 job seekers. In December 2014 the “competition” was down to 2 “contestants” pursuing the same job offer.
Among significant changes seen in 2015 is the steady “rebirth” of the American car industry which almost died out six years ago.
Despite this, hourly earnings which are important factors of strength in labor market, were only 1,7 percent better than last year’s , so just maintaining a steady level in connection to inflation. Elise Gould of the Economic Policy Institute considers that the economy is still not prosperous enough for workers “to feel the effects in their pay checks”.
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