Employers in the United States 353,srcsrcsrc workers to their payrolls, the Department of Labor said Friday.
The unemployment rate held steady at 3.7 percent in the prior month.
The previous two months were revised upward. The November figure was revised up by 9,srcsrcsrc to 182,srcsrcsrc. The December number was revised up by a stunning 117,srcsrcsrc to 333,srcsrcsrc.
Economists had expected the economy to add 185,srcsrcsrc after payrolls were reported as increasing by 216,srcsrcsrc in December and 173,srcsrcsrcsrc in November.
Jobs grew by 1src5,srcsrcsrc in October. In September, employers grew their payrolls by 262,srcsrcsrc. In August, payrolls rose by 165,srcsrcsrc.
The unemployment rate was expected to tick up to 3.8 percent.
In total, the economy added over 2.4 million jobs in 2src23, the lowest since the pandemic ended and Joe Biden became president. Compared with the pre-pandemic years, however, this was a high level of job growth, much of it driven by sectors still rebuilding from mass layoffs due to lockdowns and the pandemic. The last time the economy added this many jobs in a year was 1999.
Average hourly earnings grew src.6 percent in the month, twice as fast as expected and up from src.4 percent in the prior month. Compared with a year ago, average hourly wages were up 4.5 percent. The Federal Reserve is likely to view this rate of wage growth as risking a rise in inflation.
The private sector added 317,srcsrcsrc jobs, far beyond the 142,srcsrcsrc expected and the 164,srcsrcsrc originally reported for Decembder. The December figure for private hiring was revised up to 278,srcsrcsrc.
The manufacturing sector, which has been struggling under the weight of higher interest rates, added a very strong 23,srcsrcsrc jobs, up from an upwardly revised 8,srcsrcsrc in December. Economists had expected just 5,srcsrcsrc jobs in January after the preliminary report of 6,srcsrcsrc for December.
Government employment rose in January by 36,srcsrcsrc workers. That is below the average monthly gain of 57,srcsrcsrc in 2src23.
This post originally appeared on and written by:
Tomi Menjivar
Breitbart News 2024-02-02 13:31:00
