Saturday, January 06, 2007

More Jobs than expected, Goldilocks Lives

A surprise leap in job gains
Employers add many more jobs than expected, unemployment rate remains unchanged.

NEW YORK ( -- Employers added more workers in December, as a government report Friday showed a labor market that was much stronger than forecasts.

The report showed a net gain of 167,000 jobs on U.S. payrolls in December, up from the 154,000 increase in November, which was also revised higher. Economists surveyed by had forecast only a 100,000 rise in payrolls in December.

The unemployment rate stayed at 4.5 percent, in line with economists' forecasts.
Wages also came in higher than expected, as the average hourly wage was up 8 cents, or 0.5 percent, to $17.04. Economists had forecast only a 0.3 percent increase in wages. The November wage gain was also revised higher......

The wage gain left the average hourly wage up 4.2 percent from a year earlier. That's well above the pace of inflation, which rose only 2 percent in the 12 months ended in November, according to a separate government reading.....

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