Politics

2015 Was The Second Strongest Year For Job Growth Since 1999

| by Amanda Andrade-Rhoades
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Despite a trembling global market, the U.S. economy is experiencing strong growth and adding more jobs.

Throughout the course of 2015, the U.S. added 2.65 million jobs, making it the second best year for job gains since 1999, CNNMoney reports.

The unemployment rate was 5 percent at the end of 2015, down from its 10-percent peak in 2009.

The job market growth in December 2015 exceeded economists' estimates for the month. A survey of experts by CNNMoney predicted 211,000 jobs would be added, but the figure was actually 292,000.

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"There are a lot of indicators that show the economy continues to move in the right direction," U.S. Secretary of Labor Tom Perez told CNNMoney.

Despite the job growth, average hourly earnings were slow between November 2014 and 2015, climbing just 2.3 percent, Bloomberg reports. The rate was slightly higher or lower in other job groups: Employees working in information or mining and logging saw bigger pay bumps, while manufacturing, education and health workers saw smaller ones.

Although authorities like the Federal Reserve have implemented new policies in response to the U.S.’s strong economic performance in 2015, others may be less certain about the future. In the first five days of trading in 2016, U.S. stocks tumbled, marking it the worst start to a year on record.

Sources: CNNMoney, Bloomberg (2) / Photo credit: Andy/Flickr