OPINION: Don't Worry, Wage Gains Should Be Just Around the Corner

The December jobs report from the Bureau of Labor Statistics shows a year of steady improvement in the labor market. The unemployment rate continued to decline, from 4.8 percent in January to 4.1 percent in December, and total employment increased by 2.1 million jobs. This labor market strength extends beyond the headline numbers, as many other stubborn indicators have shown tremendous improvement. The labor underutilization rate, which captures unemployed, involuntary part-time workers and discouraged workers, is today at 8.1 percent, down from its peak of 17 percent in 2010. The number of long-term unemployed workers has significantly declined as well, and the unemployment rates for certain demographics, such as African-Americans, are near 40-year lows.