Americans are working, inflation is under control and wages are
increasing with December unemployment rate at 4.5%, according
to the U.S. Department of Labor.
The wages surge was 4.2% in 2006 and the annual unemployment rate
came in at 4.6%.
“Today’s strong report shows that our economy continues
to produce steady, sustainable employment growth with strong wage
gains for America’s workers. Average hourly earnings for
workers jumped 4.2 percent in 2006, the best 12-month showing
since 2000," U.S. Secretary of Labor Elaine L. Chao said
in a public statement on January 5, 2007. "This is further
evidence that the president’s economic policies are working
and producing strong wage gains for America’s workers, and
we should be cautious of future policies that would slow these
gains.”
Nonfarm employment increased by 167,000 in December, and the unemployment
rate was unchanged at 4.5 percent, the Bureau of Labor Statistics
of the U.S. Department of Labor reported. Job gains occurred in
several service-providing industries, including professional and
business services, health care, and food services. Average hourly
earnings rose by 8 cents, or 0.5 percent, in December.
The number of unemployed persons (6.8 million) was about unchanged
in December, and the unemployment rate held at 4.5 percent. Over
the year, these measures declined from 7.3 million and 4.9 percent,
respectively.
In December, unemployment rates for the major worker groups--adult
men (4.0 percent), adult women (3.9 percent), teenagers (15.2
percent), whites (4.0 percent), blacks (8.4 percent), and Hispanics
(4.9 percent)--showed little or no change. The unemployment rate
for Asians was 2.4 percent not seasonally adjusted.
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