With oil prices plummeting and new US exploration drying up, you would expect widespread job losses in US energy. However, the 100,000 lost jobs since the July 2014 peak in oil are massively outweighed by job growth in manufacturing (140k new jobs) and services (3.5m new jobs). US employment continues to improve and the Fed note some wage pressures are starting to show. In a nutshell - despite the weak energy industry, the US recovery remains slow but on track. This is a good indicator for global equities in 2016.
(Source: Deutsche Bank)