U.S. Businesses Quicken Pace of Hiring
Wall Street Journal (01/08/14) Kathleen Madigan
According to Automatic Data Processing Inc. and Moody’s Analytics, companies increased payrolls by 238,000 in December, which followed an upwardly revised November gain of 229,000. Economists surveyed by Dow Jones Newswires had predicted a December increase of 200,000.
The service sector grew by 170,000 jobs in December, while the construction sector grew by 48,000 jobs, and factories added 19,000 jobs.
Boston Fed Chief Says Economy Still Needs Help From Central Bank
Hartford Courant (Connecticut) (01/07/14) Mara Lee
Eric Rosengren, president and chief executive officer of the Boston Federal Reserve Bank, says the slow pace of job growth is causing people to give up on getting hired. Rosengren points out that the longer a person is unemployed, the less likely he or she is to find employment. Rosengren was the only member of the Federal Reserve Board to oppose the recent slowdown in the Fed’s stimulus plan. However, he believes both job growth and gross domestic product will be stronger in 2014.
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