Performing Well

Janet Yellen. File photo.

“The US economy is performing well”, says Janet Yellen. File photo.

By Isaac Cohen*

The latest job creation report, issued last week by the Labor Department, has more than confirmed the statement by central bank Chairman Janet Yellen that the US economy is “performing well.” In October, the creation of 271,000 new jobs by the private sector pushed down the unemployment rate to 5 percent, while average hourly wages increased 0.4 percent, for a yearly increase of 2.5 percent, the fastest pace since 2009. Further, the robust performance was not hindered by negative factors originating abroad, such as the slowdown in China and other emerging market economies, or by the meager growth in other advanced economies. These adverse circumstances have contributed to lesser exports, also hurt by the strong dollar.

The impulse was domestic, with service sectors hiring vigorously, with an increase in retail hiring of 44,000 new jobs, while professional and business services hired 78,000 persons and health services 56,700. Also, supporting this robust performance were higher levels of consumer confidence, which according to the University of Michigan, during last year, reached levels not seen since 2004.

If the incoming data confirms the continuation of this strong performance, the anticipated interest rate liftoff will begin at the next Open Market Committee meeting, scheduled for 15-16 December.

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About Ramón Jiménez

Ramón Jiménez, actual Managing Editor de MetroLatinoUSA. Periodista que cubre eventos de las comunidades latinas en Washington D.C., Maryland y Virginia. Graduado de la Escuela de Periodismo de la Universidad del Distrito de Columbia. Galardonado en numerosas ocasiones por parte de la Asociación Nacional de Publicaciones Hispanas (NAHP) y otras organizaciones comunitarias y deportivas de la región metropolitana de esta capital. También premiado en dos ocasiones como Mejor Periodista del Año por la cobertura de la comunidad salvadoreña; premios otorgados por la Oficina de Asuntos Latinos del Alcalde de Washington (OLA) y otras organizaciones. Ha sido miembro del jurado calificador en diferentes concursos literarios, de belleza y talento en la región metropolitana. Ha visitado zonas de desastre en Nicaragua, Honduras y El Salvador e invitado a esos países por organizaciones que asisten a personas de escasos recursos económicos. Antes trabajó en otros medios de prensa de Virginia y Washington, D.C., incluyendo reportajes para una agencia noticiosa mundial.

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