Recent reports showed that US employers added 3.1 million jobs in 2014, which was the strongest year of payrolls growth since 1999. The US unemployment rate fell to 5.6% by the end of 2014, down from 6.7% in December 2013. The pace of hiring decelerated sharply in the first three months of 2015, but the US unemployment rate still managed to edge down to 5.5% as of March. A number of larger US companies have announced pay increases in recent months, seeking to attract and retain workers in a tighter labor market. Up till now US inflation has remained sluggish and wage growth has stagnated since the recession ended in mid-2009. Economists say that price and wage increases should continue to gain traction as the economy heals, the labor market tightens and employers compete to hire from a shrinking pool of available workers.
Bruce Peacock
Vice President of Business Development
The Richmond Group USA