Job growth in the U.S. continues to show a gradual, albeit slow trend upward. As initial jobless claims fell from 368,000 to 341,000 the initial gauge of this drop in claims from economists was a mix of both relief and a little skepticism.
The skepticism was due to the recent blizzards that the hit the Midwest and Northeast two weeks ago. These blizzards are believed to have skewered the jobs data by preventing people from filing their claims.
The conventional wisdom for job growth in 2013 is slow and steady. Although jobless claims are down from a year ago, overall unemployment continues to hover at or slightly below 7.9 percent.
Growth in the housing market is expected to drive job creation in construction for 2013. Analysts are predicting a strong year for construction jobs citing 28,000 new construction jobs added in January.
Economists believe that job growth will continue to steadily improve throughout 2013, but that the growth will be constrained by stagnant or lower wages. Lower wages can lead to less spending which would potentially slow the U.S. economic engine. Ultimately, job growth would suffer in the long term.
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