Breaking: Labor Department announces 257,000 jobs gained in January

A new release by the Labor Department today said the economy gained 257,000 jobs in January, a number much higher than previously estimated.

Additionally, wages increases are the highest they've been in six years thus prompting Americans to enter the job market for work. Average hourly wages jumped to $24.75, an increase of 12 cents –the biggest gain since September 2008.

Job gains have now averaged 336,000 per month for the past three months - the best consecutive three-month pace in the past 17 years. This time last year, the average three-month job gain was only 197,000.

While job gains increased, the unemployment rate rose from 5.6 percent to 5.7 percent, however this adjusts for people who were looking for employment but did not find work. This also shows that more Americans are confident about their job prospects and entering the workforce.

With the drop in gas prices, American’s total spending power has increased and is bolstering a healthy economy.