Europe South Asia Asia Pacific Americas Middle East Africa BBC Homepage World Service Education



Front Page

World

UK

UK Politics

Business

Sci/Tech

Health

Education

Sport

Entertainment

Talking Point
On Air
Feedback
Low Graphics
Help

Friday, January 8, 1999 Published at 14:36 GMT


Business: The Economy

US jobs soar

It was a US jobs bonanza in December

The number of jobs created in the US leapt upwards in December.

The employment figures are much strong than expected, calming fears about the state of the US economy and reducing the chance of further domestic interest rate cuts in the near future.

The continued strength of the US economy helped push shares on Wall Street higher when trading got underway on Friday.

The US economy created 378,000 jobs in December, when the unemployment rate dipped to 4.3% from 4.4% in November, according to the Labor Department.

President Bill Clinton who is embroiled in impeachment proceedings, celebrated the roaring US economy. He told a meeting of the Detroit Economic Club; "Most things are going right for our country. We gather today at a time of American economic renaissance."

Unemployment low

The US unemployment rate has now fallen to its lowest level since 1970, and the figures represent the largest monthly rise in employment for more than a year.

The booming housing market help fuel a sharp rise in construction jobs. Unusually warm weather in December also boosted the sector.

The number of transport and service sector workers also grew rapidly.

For the year, US employers added 2.9m jobs. That growth was achieved despite 234,000 job losses in manufacturing and 35,000 in mining, principally oil-drilling, reflecting slack world demand.

The rise in employment was almost double the consensus of analysts forecasts.

Strong demand for labour pushed average hourly wages for US non-farm workers up 5 cents in December to $12.98, a rise of 3.8% from a year earlier.



Advanced options | Search tips




Back to top | BBC News Home | BBC Homepage | ©


The Economy Contents


Relevant Stories

04 Dec 98 | The Economy
Jobs galore for US economy

27 Nov 98 | The Economy
US set for shopping spree

13 Nov 98 | The Economy
US consumers on a binge

03 Nov 98 | The Economy
US sky-high spending lifts world economy

30 Oct 98 | The Economy
US growth defies gravity

02 Oct 98 | The Economy
US job figures fan recession fears





Internet Links


US Department of Labor


The BBC is not responsible for the content of external internet sites.




In this section

Inquiry into energy provider loyalty

Brown considers IMF job

Chinese imports boost US trade gap

No longer Liffe as we know it

The growing threat of internet fraud

House passes US budget

Online share dealing triples

Rate fears as sales soar

Brown's bulging war-chest

Oil reaches nine-year high

UK unemployment falls again

Trade talks deadlocked

US inflation still subdued

Insolvent firms to get breathing space

Bank considered bigger rate rise

UK pay rising 'too fast'

Utilities face tough regulation

CBI's new chief named

US stocks hit highs after rate rise

US Fed raises rates

UK inflation creeps up

Row over the national shopping basket

Military airspace to be cut

TUC warns against following US

World growth accelerates

Union merger put in doubt

Japan's tentative economic recovery

EU fraud costs millions

CBI choice 'could wreck industrial relations'

WTO hails China deal

US business eyes Chinese market

Red tape task force

Websites and widgets

Guru predicts web surge

Malaysia's economy: The Sinatra Principle

Shell secures Iranian oil deal

Irish boom draws the Welsh

China deal to boost economy

US dream scenario continues

Japan's billion dollar spending spree