U.S. Economy Added 292,000 Jobs Last Month

New York Times: “The nation’s labor market capped off a year of steady growth with an impressive sprint as employers added 292,000 workers to their payrolls in December, the government said on Friday. The unemployment rate stayed at 5 percent last month.”

“The jobless rate, which has declined since topping the 10 percent mark in October 2009, is now hovering just above what economists consider full employment — the point where further declines could start to push up inflation.”

“The report announced each month by the Labor Department is by nature a single snapshot and because of the holidays, December is always a bit anomalous.”

“Economists say that in addition to fundamental shifts in the economy, continuing slack in the labor market is partly responsible for the lack of progress on wages. Many Americans have been forced to settle for part-time work or are too discouraged to keep job hunting after years of fruitless searching.”

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