The U.S. economy added 353,000 jobs in January
The U.S. economy added 353,000 jobs in January, the Bureau of Labor and Statistics announced last week, in an overwhelmingly positive report to start the year.
Notable job gains were seen in the healthcare, retail, and social assistance sectors.
The unemployment rate stayed steady at 3.7% for the third consecutive month. Similarly, according to the latest JOLTS report, job losses and quits were mostly unchanged at the end of the year.
Wages continued to grow in January, with earnings rising 19 cents (0.6%), above the 12-month average of 0.4%.
On Snagajob, overall job postings are down 15% month over month, with gains in the Government, Maintenance, and Wellness industries.
Here’s your roundup of key insights from the report:
Wall Street Journal: "Before Friday, recent data had shown the labor market cooling in a gradual manner, with wage growth easing and the pace of hiring moderating."
Washington Post: "Robust consumer spending has allowed employers to hire at a rate that’s fast enough to keep up with population growth, and wages continue to outpace inflation, boosting workers’ spending power."
New York Times: "The strong data on Friday is likely to reinforce the Fed’s patience in beginning to cut rates."
USA Today: "The surprisingly strong showing was driven by big payroll increases in health care and professional services but was also boosted by some quirky factors linked to holiday hiring that may not persist in the coming months."
Here are the latest overall job numbers: