Labour market: 2014 was best year of job growth since 1999 in the US
Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have recently learned that last year was America’s best year in terms of job growth since 1999. Furthermore, many economists expect 2015 to be equally as strong, if not better, for job seekers.
Following with positive news, the unemployment rate fell to 5.6% in December, down from 5.8% in November. That’s also a big drop from the 6.7% rate in December 2013. Due to recent forecasts, it is expected to hit 5.2% by the end of the year. Precisely, the end of the year was especially strong with 252,000 positions added in December. Related to this, the job gains have come across many jobs sectors. One highlight in December was the health care sector, which added more than 34,000 jobs that month alone.
In addition to this, the government also revised up its estimates for job gains in October and November, revealing employers added more than 50,000 jobs than previously thought. November was already the best month of the year for job gains.
Recently, Sal Guatieri , senior economist at BMO Capital Markets, declared : “American businesses are on a hiring binge,” and also added “It clearly suggests the economy is on a much stronger growth track than the first four years of the recovery.”
Surprisingly, in spite of panic created as a consequence of the dramatic plunge in oil prices, which presumed big job losses in the energy industry, the latest data show there was still net hiring in the oil and gas sectors, though it slowed a bit in December compared with recent months.
Regarding the fact that hiring continued at all despite the oil meltdown, Guatieri concluded “this is a testament to the underlying health of the U.S. economy,”
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