The Bureau of Labor Statistics released the final jobs report for 2016 on Friday.
US wages rose at the fastest pace since mid-2009 in December, with average hourly earnings climbing by 2.9% year-over-year. Meanwhile, the economy added 156,000 jobs last month, which was fewer than expected, but extends the record streak of job creation in the US.
In conjunction with the BLS data, the Council of Economic Advisers released a report summarizing the eight years of labor market progress under the Obama Administration.
And in that report, the team included the below two pie charts, which show the share of total employment for each of the advanced G7 economies and the share of net growth in employment for those countries.
The chart on the left shows that the US comprises about two-fifths of total employment in the G7, but the chart on the right shows that it has seen almost 56% of the net employment growth among the advanced economies since 2010. In other words, from Q1 2010 to Q3 2016, the US accounts for a disproportionate share of employment growth and has put more people back to work than all the other G7 countries combined.
“The rebound of the US economy from the Great Recession occurred much faster than in most other advanced economies and compares favorably with the historical record of countries recovering from systemic financial crises,” wrote Jason Furman, the chairman of the Council of Economic Advisers.