A typical comment:
U.S. employers added 252,000 new jobs in December, marking the strongest year of job growth in 15 years, while the unemployment rate dropped to 5.6%, the Labor Department said Friday. But wages aren’t taking off, with average hourly earnings falling from November and up only 1.7% from a year earlier.
On the “wage worry” see Scott Sumner´s post.
On the “strongest year of job growth in 15 years” simply note the following:
In the 23 months from February 2008 to December 2009, 8.7 million jobs were ‘lost’. During the following 60 months, up to December 2014, 10.7 million jobs were ‘created’.
Bottom line: Over a period of 7 years, net job creation was all of 2 million! (During those same 7 years, working age population increased by 7.2 million)
Far from being the “new normal”, affected by demographic factors, that´s the outcome imposed by a monetary policy that works hard to keep the economy in a depressed state.
But they rejoice in the relative ‘wellness’ of the US! Poor others!