• Corpus ID: 158132612

Strong Job Growth Continues, Unemployment Declines in 1997

@article{Ilg1998StrongJG,
  title={Strong Job Growth Continues, Unemployment Declines in 1997},
  author={Randy E. Ilg and Angela Clinton},
  journal={Monthly Labor Review},
  year={1998},
  volume={121},
  pages={48}
}

• R. Ilg, Angela Clinton
• Published 1 February 1998
• Economics
• Monthly Labor Review

The labor market continued to improve in 1997 as job growth accelerated from the previous year and unemployment declined. Total nonfarm payroll employment increased by more than 3 million workers and the unemployment rate fell to 4.7 percent in the fourth quarter of 1997, the lowest level in nearly 28 years. During this sixth year of job market expansion, earnings growth accelerated and real average hourly earnings of private production or nonsupervisory workers posted their largest increases in 21 years. This article summarizes labor market developments for 1997 and describes the economic context in which these developments occurred. Unless otherwise noted, the data presented are quarterly averages, and 1997 changes represent the difference between the fourth quarters of 1996 and 1997.