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Economic News in Review Greenville SC - Jan 14, 2015
Economic News in Review Greenville SC

Here is last week’s Economic News in Review Greenville SC.
 
Last week saw encouraging employment news, with the unemployment rate falling and near-term layoffs dropping as well. Additionally, wholesale inventories outpaced market expectations to a solid degree.
Unemployment
The unemployment rate for December beat expectations by dropping to 5.6 percent, with the population of unemployed Americans falling by 383,000 to 8.7 million people, the Bureau of Labor Statistics reported last week. December’s performance marked the lowest unemployment rate in six and a half years.
The economy added 252,000 jobs in December, with key job sectors helping drive the growth including professional and business services, industry, administrative and waste services. All told, the U.S. economy added 2.95 jobs during 2014, marking the best year for job creation since 1999.
While December’s unemployment rate was encouraging, a key element many analysts say must improve is wages. In that regard, hourly earnings actually declined by 5 cents in December to $24.57. This was a 180-degree turn from November’s gain of 6 cents, but was likely a temporary setback, according to PNC Chief Economist Stuart Hoffman.
“Faster wage growth remains the missing piece of the puzzle, but ... more

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