304k Jobs Added to U.S. Economy in January

304k Jobs Added to U.S. Economy in January

304k Jobs Added to U.S. Economy in January

Wages have risen by 3.2 percent since this time a year ago. The impact of the partial federal government shutdown contributed to the uptick in these measures. While employment grew, hourly wages dipped lower than usual with a 0.1% increase, less than the predicted 0.3% estimate.

It's worth noting that, by the end of January, weekly jobless claims had popped to their highest level since September 2017, although unemployment claims trickled to a 49-year low. Job growth around 120,000 is more than enough to keep the unemployment rate under 4%. You saw the unemployment rate go to 4 percent.

Accordingly, one would expect that the headline establishment survey jobs number will not capture the employment disruption caused by the shutdown, but instead will reflect the prevailing labor market forces for the month of January.

How did the shutdown affect jobs?

Workers earned an average of $27.56 an hour last month. The furloughed employees, though, were not counted as unemployed even if they did receive unemployment benefits during the shutdown. But since Congress agreed to pay these workers retroactively, they were employed. The remaining 1.2 million persons marginally attached to the labor force in January had not searched for work for reasons such as school attendance or family responsibilities. The federal government itself also spent less.

The service-providing sector added a massive 224,000 jobs.

Employment at construction sites surged 52,000, the most since February 2018, after increasing 28,000 in December.

Health care increased by 42,000.

MARTIN: So does that mean the job market, basically, escaped largely unscathed because of the shutdown last month?

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Transportation and warehousing rose by 27,000. In January 2018, healthcare added 23,700 jobs.

Employment growth has been steady over the a year ago, but has typically trailed behind the latest numbers. Global growth is weakening, the Trump administration is engaged in a trade war with China and higher mortgage rates have slowed home sales. Job gains occurred in sporting goods, hobby, book, and music stores (+17,000), while general merchandise stores lost jobs (-12,000). The industry has added 64,000 jobs over the year, nearly entirely in support activities for mining.

Professional and business services rose by 30,000. Nevertheless, those trends continued to improve - with the added bonus of a significant increase in economic confidence and a jump in capital investments.

The dollar was little changed against a basket of currencies as traders focused on the tepid monthly wage gain.

The partial government shutdown was well into a record-long stretch when it finally ended on January 25. This figure comes from a survey in which the Labor Department asks employers (both private sector and government) how many people were on the payroll for the pay period that includes January 12.

The unemployment rate edged up to four per cent - from 3.9 per cent in December - as did the number of unemployed people, rising to 6.5m.

Average hourly earnings rose 3.2% from a year earlier.

December was revised down from the originally reported 312,000 to 222,000. With these revisions, employment gains in November and December combined were 70,000 less than previously reported.

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