WASHINGTON (MarketWatch)—The revved-up U.S. economy probably produced another large batch of new jobs in December, setting the stage in 2015 for the quickest spurt of growth in at least a decade.

The U.S. likely added at least 220,000 jobs in the final month of 2014, according to economists polled by MarketWatch. And the preliminary 321,000 increase in November—the third-biggest gain since the recession ended in mid-2009—could be revised higher if recent history is a guide.

Add it all together and the economy might have generated nearly 3 million new jobs in 2014, the best performance since the U.S. created some 3.2 million jobs in 1999.

The upsurge in employment has put more cash into the hands of consumers, giving a boost to households and encouraging businesses to invest to meet rising demand. Slumping gasoline prices are also working their magic, slashing the cost of filling up and allowing Americans to buy other goods and services.

The result: Economists predict 3% growth in 2015 for the first time since 2005.

To some economists, the tide has already turned. “I think we are already here. We have already had a breakout,” said Neil Dutta, head of economics at Renaissance Macro Research in New York. “There is considerable momentum in the economy.”

Investors will also get the chance to discover this week if the majority of top central bankers inside the Federal Reserve agree. The Fed will release the minutes of its last big gathering in December, when three members of its rate-setting committee dissented and the panel edged closer to its first rate increase in years. The employment report and Fed minutes are the highlights on the first full week of the 2105 economic calendar.

Yule tidings for jobs

Virtually nobody on Wall Street expects a repeat of 2013, when the economy produced a paltry 84,000 jobs in December during one of the worst winters in years. Winter weather has been fairly mild in the past month despite a year-ending cold snap.

What’s more, other employment indicators such as jobless claims and consumer views on the availability of jobs point to another strong month of hiring. Most economists predict employment will rise between 200,000 and 250,000.

The 321,00 gain in November, meanwhile, could be revised higher on the second of three readings. Over the past five years the increase in jobs in November has been increased by an average of 68,000 between the first and third prints, pointed out Richard Moody, chief economist at Regions Financial in Birmingham, Ala.

One caveat: Companies in fields such as hospitality and retail added hordes of short-termers to help out with holiday sales. That can make it hard for government economists to get an accurate read when they take into account seasonal patterns in hiring.

Whatever the case, the trend is up—and in a big way. The U.S. added an average of 241,000 jobs a month through the first 11 months of the year, up 24% from a 194,000 pace in 2013.

The steady and accelerated rate of hiring has spurred economists to look well beyond the headline number and focus on the next big hurdle: stagnant hourly pay. U.S. wages have risen a scant 2% annually since 2010, just two-thirds as fast as they historically grow.

With the unemployment rate tumbling to 5.8% from 8.6% three years ago, more evidence is emerging of scattered labor shortages and a willingness of companies to offer higher pay to attract workers. Economists predict wage growth will finally pick up in 2015 as the large pool of unemployed shrink.

Absent bigger wage hikes, they say, consumer spending is likely to remain constrained and the economy might not reach the 3% threshold.

“If you don’t see the acceleration in wage growth, you wont see an acceleration in consumer spending,” said Gregory Daco, lead U.S. economist at Oxford Economics.

What’s less clear is the extent to which a still-sizable number of jobless Americans, particularly large numbers of long-term unemployed, will act as a brake on rising wages.

The number of people who want a good full-time job but can’t find one has fallen to about 18 million from a recession-induced high of 27 million. Yet in Moody’s estimation that’s still 5 million higher than ordinarily would be the case if the economy had been restored by now to full health.

“This helps account for what thus far has been a lack of meaningful acceleration in growth of hourly earnings,” he said.