Excellent Employment

Friday’s job report was good! Payrolls grew by 292,000, and prior month numbers were upwardly revised by 50,000. Q4 was the best quarter for job growth in 2015, a year which averaged 221,000 new jobs/month, the second best since 1999. While wage growth was flat in December (due largely to temporary holiday hiring and also weak manufacturing employment growth), Y-o-Y wage growth was 2.5%, its best performance in 5 years.