A record 75 straight months of job growth under Obama

A record 75 straight months of job growth under Obama

The final jobs report from President Barack Obama's eight-year administration showed the labor market continued to post modest growth as yearly wage gains rose the most since 2009. The average length of unemployment is still above its level from before the recession, and the percentage of unemployed people that are long-term unemployed - out of a job for more than 4 months - also remains higher than before the crisis. The extra 26,000 jobs is a welcome bonus. The unemployment rate is 4.7 percent.

Among the jobs that were added, the service and manufacturing sectors experienced gains.

The Alliance for American Manufacturing, a nonprofit that includes manufacturers and the steelworkers' union, noted Friday that Mr. Obama lags behind his goal of adding 1 million manufacturing jobs during his second term.

In the two years of the Great Recession, 2008 and 2009, there were annual job losses of -3.6 million and -5.1 million respectively.

The report also said the unemployment rate inched up to 4.7 percent in December from 4.6 percent in November, matching economist estimates.

Mr Trump has promised to be "the greatest jobs president God ever created" and hope to boost U.S. economic growth to 4%.

At the beginning of 2014, there were more than 16.5 million people who said they wanted a job.

The final report of 2016 also comes as the US prepares for what could be a significant shift ahead. Federal, state and local governments added 12,000 jobs.

The US economy added 2.2 million jobs in 2016 and the unemployment rate declined slightly from 4.9 to 4.7 percent.

The jobless rate for black Americans fell to 7.8 percent from 8 percent in November. Workers logged an average of 34.3 weekly hours.

All of this explains why voters in November didn't opt for four more years of Obamanomics.

Wages jump in December even as job growth disappoints
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With respect to average hourly earnings, construction's results were considerably more favorable.

Manufacturing showed signs of rebounding in December, but the sector still shed jobs over the course of the year. Over the year, average hourly earnings have risen by only 2.9%.

Durable goods manufacturers generated the bulk of the monthly gain.

Construction was essentially flat last month but added about 100,000 jobs for all of previous year, only about a third of the hiring in 2015 and 2014.

It was a feeling Trump successfully tapped into during his presidential campaign.

Manufacturing gains: US manufacturers added 17,000 jobs in December, the first monthly gain since July and the biggest since January.

On the other hand, wages in December rose 2.9 percent over the past year.

It took awhile to kick in, but businesses finally started adding jobs by the end of 2010. Michigan News Network Business editor Murray Feldman tells us Michigan is helping to lead the way with health care jobs.

"Accommodation and food services" employment skyrocketed by +35,000 jobs in December 2016. That partly reflects demographic trends: Older, less-educated Americans retire and are replaced by younger people more likely to have college degrees.

This means that Obama's awful economic decisions have driven employment to its lowest level in many decades and has been so bad that millions of Americans have simply given up and fallen out of the job market altogether.

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