02/02/2024

U.S. Job Growth Surged in January

Meanwhile, salaries also rose

U.S. job growth accelerated in January, likely as a resilient economy and strong worker productivity encouraged businesses to hire and retain more employees, a trend that could shield the economy from a recession this year.

Nonfarm payrolls increased by 353,000 jobs last month, the Labor Department's Bureau of Labor Statistics said on Friday. Data for December was revised higher to show 333,000 jobs added instead of 216,000 as previously reported. Economists polled by Reuters had forecast payrolls increasing 180,000.

Estimates ranged from 120,000 to 290,000. Employment gains remain well above the roughly 100,000 jobs per month needed to keep up with growth in the working age population. Nonetheless, labor market momentum has slowed from the robust pace in 2022 because of hefty interest rate hikes from the Federal Reserve.

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