WASHINGTON (MarketWatch) — The United States gained almost 300,000 new jobs in December, capping off the fifth straight year in which employment grew by at least 2 million to power a steadily growing economy.

The economy produced 292,000 jobs in the final month of 2015, the Labor Department said Friday. Economists polled by MarketWatch had predicted a 215,000 increase in nonfarm jobs.

Employment gains in November and October were also considerably stronger, revisions show. Some 252,000 new jobs were created in November instead of 211,000. October’s gain was raised to 307,000 from 298,000, marking the biggest increase of 2015.

The strong employment growth toward the end of the year “provides reassurance that employers remain confident enough in their business outlook to continue to add to their payrolls at a robust pace,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors.

The U.S. unemployment rate was unchanged at 5%, just a few notches higher than it was before the Great Recession began at the end of 2007. Yet nearly half a million people rejoined the labor force, a sign that more jobs were available.

U.S. stock markets initial rose in Friday, but prices fell by 168 points to add to what was a rough week for Wall Street. Shares fell owing to worries about the impact of a slowing Chines economy on the rest of the world. Read: The stock market is not the same as the economy.

Perhaps the only negative in the an otherwise sterling U.S. jobs report was a small decline in hourly wages. Worker pay fell a penny to $25.24, marking the first decline in a year.

Also read:‘Impressive’ jobs number but wages remain muted

Still, hourly pay has risen 2.5% in the past 12 months, matching a six-and-a-half-year high.

In any case, the steady increase in hiring in 2015 appears to justify the Federal Reserve’s decision last month to raise a key short-term U.S. interest rate for the first time in nearly a decade. The Fed could raise rates several more times in 2016 if the rapid progress in the labor market keeps up.

Also read: Jobs report helps build Fed case for March rate hike

Last year the U.S. created 2.7 million new jobs, following a 3.1 million increase in 2014. The two-year period of 2014-2015 marks the best stretch of hiring since the late 1990s.

Inside the report

Hiring in December was led by professional firms. They added 73,000 jobs, though almost half were temporary. Construction companies also took on 45,000 new workers, and health-care providers increased staff by 39,000.

Restaurants and shippers also added plenty of new jobs to handle a busy holiday season. Governments hired 17,000 workers and are beefing up staff at the fastest pace since 2008

Manufacturers, handicapped by a falling exports, only added a small number of jobs. Energy producers and others in the mining industry cut an additional 8,000 jobs, bringing annual losses to 131,000.

In the final three months of 2015, the U.S. added an average of 284,000 jobs. That’s the fastest pace in almost a year. Since the recovery fully took hold in 2010 job gains have been strongest in the fourth quarter.

Some economists, however, question whether such strong job gains can continue.

A low unemployment rate and dwindling pool of skilled workers suggest that hiring could slow this year. The U.S. could also get hurt if the global economy takes a turn for the worse, particularly if China is hobbled. Stock markets have been battered this week by worries about the Asian economic giant.

“Though December was fairly impressive, it will be difficult to duplicate these gains over the next few months,” said Ryan Sweet, senior economist at Moody’s Analytics.

What might help the U.S. economy stay on track is a vibrant service sector that now employs the vast majority of Americans.

Tech firms, banks, hospitals, insurers, auto dealers, restaurants and other service providers have generated most of the new jobs created during a recovery that began in mid-2009. These companies now easily overshadow the once-dominant manufacturing industry.

What’s more, the type of new jobs being created have shifted toward higher-paying work instead of lower-paying ones as was the case a few years ago.

Still, most workers aren’t getting big bumps in their paychecks. Hourly pay usually rises at a 3% to 4% annual pace when the economy is really humming.