The U.S. economy added 156,000 jobs in December, an increase that fell short of analyst expectations of 178,000 but demonstrated a healthy labor market and a record 75th straight month of job growth.
The latest monthly figures from the Bureau of Labor Statistics brought total job gains in 2016 to 2.2 million, a decline of about half a million from the previous year.
Unemployment edged slightly higher to 4.7 percent from November’s nine-year low of 4.6 percent.
But the big story may be the bump in wages, which showed the biggest gain in seven years. Average hourly wages jumped 10 cents to $26, a 2.9 percent year-on-year gain.
The final report of 2016 also comes as the U.S. prepares for what could be a significant shift ahead. President-elect Donald Trump has promised aggressive fiscal measures including tax cuts and higher domestic spending to pull the economy out of the steady but below-trend gains it has seen during Barack Obama’s eight years as president.