Job growth posted a surprise increase in January, demonstrating again that the U.S. labor market is solid and poised to support broader economic growth.
Nonfarm payrolls expanded by 353,000 for the month, much better than the Dow Jones estimate for 185,000, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate held at 3.7%, against the estimate for 3.8%.
The report also indicated that December’s job gains were much better than originally reported. The month posted a gain of 333,000, which was an upwards revision of 117,000 from the initial estimate. November also was revised higher, to 182,000, or 9,000 higher than the last estimate.
While the report demonstrated the resilience of the U.S. economy, it also could raise questions about how soon the Federal Reserve will be able to lower interest rates.
The January payrolls count comes with economists and policymakers closely watching employment figures for direction on the larger economy. Some high-profile layoffs recently have raised questions about the durability of what has been a powerful trend in hiring.
@ExactingVoterRepublican4mos4MO
"January payrolls up 353K but January Employment actually down 31K.
Of this, full-time jobs -63K, part-time jobs +96K"
@L1ber4lWidgeonConstitution4mos4MO
Yikes, when you dig into it , it actually doesn't look good
@Bl4ckBallotLouSocialist4mos4MO
Door dash and Uber can't save the world.
@WittyWalrusSocialist4mos4MO
So instead of one person working a 40 hour week in a full-time job, with benefits, vacation, 401(k), etc. we now have one person working two 20 hour a week jobs, no benefits, no vacation, etc., and Biden crowing about how he’s created millions of new jobs…….it’s all smoke and mirrors, we’re back to the gig economy and the same scenario we saw the last time this administration occupied the White House.
@SealNoraWorking Family4mos4MO
This is the death spiral I keep talking about. This is why we need to change the corporate tax code. Any biz that is majority fte, contract labor, or automated should be paying way more in taxes. Any company that employs full time workers with benefits should get rewarded.
@L1bertyAvaNo Labels4mos4MO
Meta laid off 11,000 employees to save $1.4 billion a year so it can do a $50 billion share buyback.
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