A blockbuster January jobs report — with accelerated hiring, rising wages and more people looking for work — signals a recovering economy and sets up the labor market for a strong year, economists say.
"January was great, November and December were revised up, 1 million jobs in three months is incredible," said Doug Handler, chief U.S. economist for IHS Global Insight in Lexington. "This is a really great release, it is going to continue to spur optimism."
Among the news yesterday from the federal Department of Labor:
• 257,000 jobs added in January, above economists' expectations, and the new jobs were across nearly all industries, including benchmark sectors such as construction and manufacturing.
• Upward revisions for December and November, including 414,000 jobs added in November, making it the best month for job creation in 17 years.
• The unemployment rate rose 0.1 percent to 5.7 percent, but even that was good news. More than 1 million people re-entered the workforce, likely more confident in their ability to get a job. The unemployment rate only counts people who either have a job or looked for a job within the past four weeks.
• Average hourly wages rose by 12 cents last month, the largest increase since 2008. Hourly wages have been stagnant recently, but economists expect earnings to rise as employers have to work harder to hire potential new employees who have more jobs opportunities.
Still, one month isn't enough to put wage worries away for good.
"Years of stagnant growth cannot be discounted after one better-than-expected monthly increase," said Lindsay Piegza, chief economist of Sterne Agee, in a research note. "We remain cautiously optimistic (on wages)."
Handler said the rise in wages may not be due to job market pressures, but instead may reflect the fact that 20 states raised their minimum wage in January.
Even with questions over the outlook for wages, the year is starting off on the right foot, economists said.
"The labor market was about the last thing to recover from the Great Recession, and in the last six months it has picked up steam," said Bill Hampel, chief economist at the Credit Union National Association.
"I think we do have a ways to run in 2015," Handler said. "It's going to be a great year."
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