10:09
Zeeshan Ahmad Khan
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The farm employment payrolls grew by 200,000 in December after the private sector created 212,000 jobs, which was partially offset by a reduction of 12,000 jobs in various departments of local governments, state and federal, reported Friday Department of Labor.
The unemployment rate, obtained from a separate survey of households, declined from 8.7% in November to 8.5% in December. The rate is now at its lowest level since February 2009.
Economists polled by Dow Jones Newswires had forecast on average that payrolls would rise by 155,000 in December and the unemployment rate would stand at 8.7%.
The payrolls figure was revised in November low, an increase of 100,000, instead of the previously announced increase of 120,000. The figure for October payrolls, meanwhile, was revised from 100,000 to 112,000.
Overall, the economy has created jobs for 15 consecutive months since October 2010. Although recent figures have been largely positive, the overall rate of job creation has not been sufficient to recover the ground lost during the last recession.
The U.S. economy created 1.6 million jobs in 2011, which led last month to non-farm payrolls to about 131.9 million. The figure is lower by about 6.1 million recorded in January 2008 before the recession began to hurt the labor market.
In general, economists believe the U.S. needs to create over 125,000 jobs per month to keep pace with population growth.
The main increases in employment occurred in the transportation and storage, retail, manufacturing, health care and foods.
However, in December, there were 13.1 million unemployed people, according to the household survey.
Meanwhile, average hourly earnings of workers rose by $ 0.04 to U.S. $ 23.24 last month. In the past year, average income has grown by 2.1%, while inflation was 3.4%.
Economists polled by Dow Jones Newswires had forecast on average that payrolls would rise by 155,000 in December and the unemployment rate would stand at 8.7%.
The payrolls figure was revised in November low, an increase of 100,000, instead of the previously announced increase of 120,000. The figure for October payrolls, meanwhile, was revised from 100,000 to 112,000.
Overall, the economy has created jobs for 15 consecutive months since October 2010. Although recent figures have been largely positive, the overall rate of job creation has not been sufficient to recover the ground lost during the last recession.
The U.S. economy created 1.6 million jobs in 2011, which led last month to non-farm payrolls to about 131.9 million. The figure is lower by about 6.1 million recorded in January 2008 before the recession began to hurt the labor market.
In general, economists believe the U.S. needs to create over 125,000 jobs per month to keep pace with population growth.
The main increases in employment occurred in the transportation and storage, retail, manufacturing, health care and foods.
However, in December, there were 13.1 million unemployed people, according to the household survey.
Meanwhile, average hourly earnings of workers rose by $ 0.04 to U.S. $ 23.24 last month. In the past year, average income has grown by 2.1%, while inflation was 3.4%.
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