America's jobs report
The winning streak continues
FOR how much longer can the American economy keep creating jobs so fast? 2014 was a bumper year—by December there were 3m more people in work than a year earlier (see first chart). Unemployment was 1.1 percentage points lower. The ratio of jobseekers to vacancies fell from a peak of seven to one in 2009 to two to one in December 2014.
美国的经济快速的创造工作岗位能够持续多久？ 2014 年是大胜的一年----到十二月份为止，今年的就业人数比一年前多了三百多万（见表一）。 失业率下降了1.1%。求职人数与岗位空缺比从2009年的7:1降到了2014年的2:1.
If the figures released this morning are anything to go by, the good times will continue. America's economy created 295,000 jobs in February, a pace of growth faster than for 2014 as a whole. Unemployment fell to 5.5%, a level that, back in 2013, the International Monetary Fund thought would be well out reach until 2018.
如果一切都如今早发布的数据一样好，那么好的时代将要来临。 二月份，美国的经济体创造了295000个就业岗位。总的来看，就业岗位数比2014年增长的快。 失业率也低至了5.5%, 这和2013年持平。国际货币基金组织认为到2018年，美国的失业率将会达到一个很好的平衡。
People who typically struggle in the labour market have done especially well. Let's look at those Americans who failed to complete high school, or who did complete high school but no more. Both have done reasonably well, unemployment-wise, compared to their better-qualified peers (see second chart).
劳动市场上的主要人群的失业率下降尤为明显。 让我们来看看那些没有读完高中或者只读过高中的人。 相比那些受过更高教育的人，这两类人群的失业率下降相当明显（见表二）。
One possible explanation for this, which we have discussed at length elsewhere, is that unemployment benefits got stingier at the beginning of 2014. That reform disproportionately hit people with fewer qualifications, since they are most likely to be unemployed. This argument suggested that by removing benefits, the wage demands of people previously on handouts fell. Employers created more jobs to take advantage of the lower wages, and that encouraged people to give employment a shot. Indeed, over the last year the labour-force participation rate of people with very poor qualifications has jumped (see third chart).
对于这种现象的一种可能的，我们已经在其他地方详尽地讨论过的解释是，从2014年开始，失业救济金越来越少。 那个改革尤其伤害了那些只受过低等教育的人。 因为，他们最有可能失业。 这个议题是假设通过废除救济金，使得人们降低对工资的要求。 更低的工资使得雇主愿意提供更多的工作岗位。 同时，这也促使人们去就业。 事实上，从去年全年来看， 受过低等教育的人的劳动参与率增长迅猛（见表三）。
The latest jobs report probably will not do much to change the Federal Reserve's strategy. Nearly half of the new jobs created in February were in low-wage categories, like retail, which explains why wage growth was pretty low (up only 0.1% over the month).
Steve Blitz, of ITG Investment Research, has a final, interesting take. The last chart, taken from Mr Blitz's research, shows employment in various industries since 2007.
ITG Investment Research 的 Steve Blitz 对此有一个很有趣的看法。 最后一张表是由Blitz 研究得出的。它记录了自2007年以来各行各业的就业情况。
Only a few have seen employment rise beyond its pre-recession high. Excluding energy, says Mr Blitz, the American economy is shifting to one that really focuses on servicing "those with high enough incomes to afford more leisure time and the increasing number of people retiring—whose time is all about leisure and visiting doctors."