Jobless rates continue improvement nationally, locally

WASHINGTON -- American employers added a robust 292,000 jobs in December, suggesting the U.S. economy so far is defying global weakness and growing solidly.

The strong figures underscore the resilience of the United States at a time of financial turmoil stemming from China's slowing economy and plummeting stock market. Most economists expect U.S. consumer spending to continue to offset overseas weakness, though many foresee only modest U.S. growth.

Local unemployment numbers are telling an even stronger story.

The most recent information from the Missouri Economic Research and Information Center Reports indicates in November, the unemployment rate in Cape Girardeau County was 3.9 percent.

Although there are some counties, such as Dunklin, Union and Pemiscot counties, with unemployment rates above the national average, the majority are below, making the rate for Southeast Missouri 4.9 percent.

On the international stage, Chinese stock-market woes sent most U.S. stocks on a downward spiral last week. In its monthly jobs report Friday, the Labor Department said the unemployment rate remained 5 percent in December for a third straight month. More Americans started looking for jobs and succeeded in finding them.

The government also said employers added a combined 50,000 more jobs in October and November than it had estimated.

For the July-to-September quarter, hiring averaged 284,000 a month -- the best three-month pace in a year.

Even as many more jobs have been added, the unemployment rate has held at 5 percent over the past three months because nearly 1 million more Americans have begun looking for jobs since September.

For all of 2015, employers added 2.65 million jobs, a monthly average of 221,000. That made 2015 the second-best year for hiring since 1999, after 2014's gain of 3.2 million jobs.

Even as demand for workers grew, average hourly pay slipped a penny in December to $25.24 an hour.

Still, average pay has risen 2.5 percent in the past year, only the second time since the recession ended in mid-2009 it has reached that level.

At the same time, pay growth remains below the 3.5 percent pace typical of a healthy economy.

Last month, the percentage of adults with jobs rose for a second straight month, although it remains below pre-recession levels.

And many of the new jobs were in higher-paying industries: Construction added 45,000, health care nearly 53,000. Professional and business services, which includes accountants, engineers and architects as well as lower-paid temporary workers, added 73,000 positions.

Friday's report contained no signs of inflation. Average hourly earnings fell by a penny between November and December to $25.24.

For now, Americans are confident enough to buy homes. Sales of newly built homes jumped nearly 15 percent in 2015 and helped spur building and construction hiring: Construction companies added 215,000 jobs last year, a 3.4 percent gain.

In another sign of consumer health, auto sales rose to a record high last year, as cheap gas and low interest rates led to booming sales of SUVs and pickup trucks.

Southeast Missourian business reporter Bridget Brown contributed to this report.