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This Sept. 19, 2013, file photo shows workers at the Target Technology Innovation Center office in San Francisco. According to a survey by Fidelity Investments, millennials between the ages of 25 and 34 are saving a median of 7.5 percent of their pay for retirement, including whatever match they get from their jobs. (AP Photo/Jeff Chiu, File)

US wages just posted the biggest rise in 7 years



In December, U.S. employers added a modest 156,000 jobs, but wages saw a real boost.

The Labor Department's monthly jobs report shows that though the number of jobs created was less than expected, December marks the 75th consecutive month of job gains.

As President Obama wraps up his time in the White House, CNN Money points out that in 2016, the U.S. added over two million new jobs. Overall, the economy has seen 11 million jobs created during Obama's eight years in office.

And while the economy still has a ways to make a full recovery, unemployment is at its lowest levels since 2007.

The unemployment rate in December rose to 4.7 percent from 4.6 percent in November.

Hourly wages jumped 2.9 percent from a year ago -- the biggest increase in over seven years.

In a first since 2008, the percentage of millennials out of work fell below 22 percent.

The jump in hourly pay is a welcome change for Americans who have struggled with their paychecks hardly rising since the 2008 recession. Analysts believe the recent wage growth isn't going to stop.

Which is good news for young professionals because businesses are having to offer higher pay to lure and keep workers. So while the economy is still getting back on its feet, it's made big strides since the financial crisis.

The Associated Press contributed to this report.

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