The employers added more jobs than expected in the United States in the month of December, making the year 2014 as the best one for job creation since 1999.
The growth in the wages of workers remained tepid enough to weigh on bond yields of the US government.
The American economy produced 252,000 jobs in December last year, which is better than the expectation of the economists who have predicted 240,000 extra jobs last month. The total job creation for the US for the year 2014 hit 2.95 million, according to the figures of Labor Department.
The strong job data further strengthened the growing evidence that the American economy is moving ahead of other major economies and is expected to widen the gap in growth rates in the first half of 2015.
The recovery in the country’s labour market proved more consistent last year in comparison to the performance of the overall economy that contracted significantly in the first three months of 2014 before recoiling to expand 5 percent in the third quarter.
The outlook for the American economy offer sharp contrast with that of the Euro Zone, which is witnessing deflation for the first time in over five years.
Meanwhile, the investors engaged themselves in betting over the timings of interest rate hike by the US Federal Reserve. Moreover, the expectations are also growing over the rollover of a full-blown programme of bond-buying by the European Central Bank (ECB) to stimulate the Euro Zone economy.
The figures, released on Friday, also showed a better than expected drop in the unemployment rate of the United States in December, from 5.8 percent to 5.6 perent, ahead of the 5.7 percent predictions.