Unemployment Rate Lowest in Last 8 Years
The US Labor Department announces that the US unemployment rate is now at 4.9%, the lowest it has been in the last eight years. Another good sign, wages are finally going up. The January jobs report shows a 2.5% wage increase over the past year. Back in December, the economy gained more than 260,000 jobs and economists projected another almost 200-thousand would be created last month, but today’s report shows the actual number came in below expectations, adding just over 150,000. Experts say it is a solid report but noted there are also a few warning signs for the American economy. More than 75,000 jobs were cut last month, which is far more than usual, even for a time when layoffs typically increase due to seasonal jobs ending.