The U.S. economy closed out 2015 with a huge round of job creation. 
 
 
 
 Nonfarm payrolls grew by 292,000 during December, according to a Bureau of Labor Statistics report Friday that showed employment momentum as the year wound down. The unemployment rate was 5 percent. A separate, more encompassing measure that accounts for those who did not look for work in the past month or were working part time for economic reasons — the underemployed — head steady as well, at 9.9 percent. 
 
 Economists had been expecting 200,000 new positions and the unemployment rate to hold steady. Stock market futures temporarily jumped after the report, with Wall Street bidding Friday to halt the worst market start in history. Government bond yields edged higher, with the benchmark 10-year note yielding about 2.18 percent. 
 
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 The one disappointment from the report came in wages, which actually fell slightly. Average hourly earnings declined 1 cent, translating to an annualized gain of 2.5 percent. Economists had been expecting a gain of 0.2 percent monthly and 2.8 percent annualized. 
 
 The reason for the weak wage data could be because job creation was greatest in professional and business services, which added 73,000, 34,000 of which were temporary positions likely added in conjunction with holiday hiring. The average work week was unchanged at 34.5 hours. 
 
 
 
 "In some ways we can say it looked good from the outside, but beneath the surface problems remain — not the least of which is the lack of strong wage growth," Mark Hamrick, senior economic analyst at Bankrate.com, said in a statement. "If we keep getting strong hiring, wage gains should accelerate." 
 
 
 
 Read MoreGartman sees stocks dropping another 10%-15% ||||| CLOSE Skip in Skip x Embed x Share Less than 100,000 jobs were made in March, despite predictions that the number would be nearly twice that. Amanda Kabbabe (@kabbaber) has more. Buzz60 
 
 Hiring was surprisingly strong in January and February. (Photo: Charles Krupa, AP) 
 
 Harsh winter weather slowed U.S. hiring last month as employers added 98.000 jobs in a pullback that was sharper than expected. 
 
 Economists surveyed by Bloomberg had projected an increase of 180,000 jobs. 
 
 The U.S. unemployment rate, which is calculated from a different survey, fell from 4.7% to 4.5%, lowest since May 2007. . 
 
 Analysts had expected somewhat of a retreat in job growth after unseasonably mild winter temperatures pulled forward hiring to early in the year, especially in industries such as construction. That trend resulted in job gains of 200,000-plus in January and February. Along with that, a snowstorm that slammed into the Midwest and East Coast in mid-March likely curtailed job growth even more, said Jim O’Sullivan, an economist with High Frequency Economics.. 
 
 Before the report from the Labor Department was released on Friday, Goldman Sachs had estimated the weather could drag down payroll gains by 30,000 to 60,000. 
 
 Some economists also have said the outsize job gains early this year defied a low unemployment rate, which means businesses face a shrinking pool of available workers. Many analysts expect that trend will result in average monthly payroll gains of about 170,000 this year, down from 187,000 last year and 226,000 in 2015. 
 
 The feeble showing in March likely reflects the weather, a late Easter that could have pushed holiday hiring to April from March and a tight labor market, said Gus Faucher, an economist with PNC Financial Services Group. 
 
 “It is getting tougher for businesses to hire workers,” he said. 
 
 The construction industry added just 6,000 jobs last month, while retailers were especially hard-hit by the weather, as well as store closing by chains such as Sears and Macy's, losing 30,000. Leisure and hospitality added 9,000 jobs, and health care grew by 17,000. Professional and business services was unscathed by the weather, adding 56,000 jobs. 
 
 The Federal Reserve is looking for steady employment gains to justify its plans for two more rate hikes this year. The Fed has raised its benchmark rate twice since December. Still, economist Paul Ashworth of Capital Economics wrote to clients that Friday's weak report "isn't going to stop the Fed from hiking interest rates again in June." 
 
 In March, businesses added 89,000 jobs. Federal, state and local governments added 9,000. 
 
 Job gains for January and February were revised down by 38,000. January’s was revised to 216,000 from 235,000, and February’s to 219,000 from 238,000. 
 
 Average hourly wages rose 5 cents to $26.14, but annual gains slipped to 2.7% from 2.8% the prior month. Earnings generally have picked up the past year or so from the tepid 2% pace that prevailed for most of the recovery. But the Fed is looking for a further acceleration and faster inflation to bolster its rate hike plan. Employers are expected to lift wages to attract the smaller pool of workers. 
 
 Some other reports seemed to signal continued strong hiring in March. Payroll processor ADP estimated that businesses added a booming 298,000 jobs. And an index of hiring in manufacturing climbed to its highest level in nearly six years. 
 
 At the same time, a measure of hiring in the service sector, which makes up about 80% of the economy, fell sharply. And initial jobless claims, a barometer of layoffs, rose steadily through the month. 
 
 Strong employment gains and a falling unemployment rate from March through May could convince the Federal Reserve to raise interest rates again in June, following two hikes since December. 
 
 Read or Share this story: http://usat.ly/2p9ei2d ||||| WASHINGTON (MarketWatch) — The pace of hiring in the U.S. tapered off in January, but wages rose sharply and the unemployment rate dipped below 5% for the first time since 2008 in a mixed report that adds little clarity about the health of the economy. 
 
 The U.S. generated 151,000 nonfarm jobs in the first month of 2016, the Labor Department said Friday. Economists polled by MarketWatch had expected hiring to slow to 180,000 after big gains at the end of last year. 
 
 The smaller-than-expected increase could add to growing worries about a weakening U.S. economy and even the possibility of recession. U.S. stocks fell in early Friday trading. 
 
 Read: Recession not happening in the U.S., CEOs signal 
 
 Yet the January jobs report also offered some good news to suggest the labor market remains healthy enough to keep the economy moving. 
 
 The unemployment rate, for example, fell a tick to 4.9% the lowest reading in eight years. 
 
 The U.S. is still creating more than enough jobs to keep up with increases in the size of the labor force. Over the past three months, for example, the economy has gained an average of 231,000 new jobs. That’s well above average. 
 
 In another sign of a robust labor market, the average wage paid to workers jumped 0.5% in January to $25.39 an hour. Wage growth accelerated toward the end of 2015, and it’s climbed 2.5% in the past 12 months, just a hair below the post-recession high set in December. 
 
 Economists predict wages will rise even faster in 2016 as it gets harder for companies to find good help. At the same time, they expect hiring to slow as the pool of available labor shrinks. 
 
 In any case, the latest snapshot of labor-market trends did little to clear up questions about where the economy is going. A raft of reports in early 2016 suggests growth remains sluggish following a slowdown in the fourth quarter. 
 
 “The January employment report is clearly a half glass of water,” said Steve Blitz, chief economist of ITG Investment Research. 
 
 The mixed picture won’t give the Federal Reserve much to chew over, either. Economists predict the central bank will wait until at least early summer before raising interest rates again. 
 
 Inside the report 
 
 The retail industry added the most new jobs in January, taking on 58,000 new employees. Restaurants hired 47,000 workers and health-care companies boosted payrolls by 37,000. 
 
 In a surprise, manufacturers also created the most new jobs in a year, with payrolls rising by 29,000. Makers of food products led the way. Yet the increase in hiring in January is unlikely to be sustained as manufacturers struggle with falling exports in key overseas markets. 
 
 The financial industry beefed up staff by 18,000, continuing a steady trend of hiring after years of little employment growth. 
 
 Yet the ranks of professionals only increased by 9,000, largely because of a big drop in temps. These types of jobs have grown the rapidly during the economic recovery. 
 
 As expected, the transportation sector cut 20,000 jobs, mostly couriers used during the holidays to deliver packages. The energy industry, coping with cheap oil, also eliminated more jobs. 
 
 The pace of job creation at the end of 2015 was little changed after the government incorporated annual revisions in the employment report. 
 
 Some 262,000 new jobs were created in December instead of 292,000. But November’s gain was raised to 280,000 from 252,000. 
 
 More from MarketWatch
– The February jobs report came in stronger than expected on Friday: Employers added 242,000 jobs last month, above the 200,000 or so that analysts were expecting and way up from the revised figure of 172,000 in January. The unemployment rate, meanwhile, remained at 4.9%. One not-so-bright spot: Though a slight rise was expected, average hourly wages dropped 3 cents, or 0.1%, to $25.35, notes MarketWatch. The Fed in particular has been keeping an eye on wages—it wants to see steady growth before raising interest rates again, reports AP. Still, the jobs number is "a sign of steady economic growth despite financial-market turmoil and weakness abroad," notes the Wall Street Journal.