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The U.S. labor market blew away expectations from economists in January, adding 353,000 jobs and keeping unemployment steady at 3.7%.
Data on the stronger-than-expected labor market conditions were published Friday by the Bureau of Labor Statistics (BLS), revealing that the increase in U.S. nonfarm payrolls far exceeded economists’ predictions of 185,000 jobs.
Job gains were recorded in professional and business services, health care, retail trade, and social assistance, according to the BLS report. Employment declined in the mining, quarrying, and oil and gas extraction industry. Additionally, December’s payrolls were revised to 333,000 from 216,000. As reported by BLS, “Payroll employment increased by an average of 255,000 per month in 2023.”
BLS’ figures on wages coincide with ADP’s findings released earlier this week. ADP reported 5.2% annual increases in wages — as more employers adjust for inflation. BLS’ data reveals wages increased by 4.5% over last year’s figure — also exceeding economist’s expectations of 4.1%, according to an analysis published by yahoo!finance.
The January jobs report paints a generally positive picture for the workforce, and hints at increased job security and wage growth. However, uncertainties like inflation and the Fed’s response remain up in the air.
