Job creation in the United States slowed sharply in December, but the market of the job US remains strong, however. The first economy of the world has created last month 156,000 jobs, according to figures released on Friday, 6 January by the Department of Labour . This is a disappointment compared to the expectations of economists who expected 175,000 creations. The unemployment rate, on the other hand, rose slightly to 4.7%, 0.1 points more than in November.
Although the statistics published on Friday marked a marked slowdown compared to November (204,000 jobs created, 26,000 more than the first estimate), the Obama era ends with a generally positive labor market balance . With seventy-five consecutive months of job creation, the US president, who must pass the baton on January 20 in his successor, Donald Trump , has experienced the longest series in the field since 1939.
Unquestionably quantitatively positive, Obama’s balance sheet is more questionable qualitatively, although from this point of view the December figures show a slight improvement.
Quantitatively, 2016 ended with the creation of 2.2 million jobs. However, this is still the worst performance since 2011. The US economy has created an average of 180,000 jobs each month, a much lower level than in 2015 (225,000) and 2014 (248,000) , Which had been the best vintage since the late 1990s, when Bill Clinton was president. For the record, in December 2008, on the eve of the inauguration of Obama, the number of unemployed had soared to 632,000, or 7.2% of the population active before reaching 10% in October 2009.
Beyond this spectacular resurgence in the number of unemployed, partly due to the support of the Federal Reserve (Fed), which injected billions of dollars in liquidity and kept its interest rates close to zero for close to Six years, qualitatively, the labor market has not really returned to normal. The last eight years have indeed been marked by wages, which have made quasi-steady, despite the continuous decline in the unemployment rate. This situation has fueled the frustration of a significant portion of the population, who expressed dissatisfaction by voting for Donald Trump.
December was, nevertheless, marked by a welcome inflection with an increase in hourly wage over one year of 2.9%. This rate had not been reached for seven years and is to compare with the 2.5% registered in November. The trend is not expected to weaken over the coming months to the extent that no fewer than 19 federal states increased on January 1, the minimum wage. However, the rebound in the last month must not be forgotten that the salaries of non-executives have not risen as few decades. One reason for this is to look on the side of productivity in the United States, which has stalled in 2016.
Still on the qualitative level, it will also be noted that the number of part-time jobs suffered remains still well above its pre-crisis level. The unemployment rate, which takes into account those employees who have a part-time job, but would like to find a full-time did drop by 0.1 points in December to 9.2%, but the figure was on average 8 5% before the financial crisis of 2008.