State lost jobs in January but unemployment rate unchanged

State lost jobs in January but unemployment rate unchanged

Employers added 313,000 net new non-farm jobs last month, the biggest monthly increase since July 2016, while the unemployment rate remained steady at 4.1 percent for the fifth month in a row, according to the Labor Department's highly anticipated monthly report. The manufacturing sector also added 31,000 jobs, while retail employment rebounded from declines past year.

The number of adults not in the labor force fell by a whopping 653,000 people, as the participation rate - the proportion of adults who either have a job or are looking for one-rose a healthy 0.3 percent to 63 percent.

Construction jobs led the way, with 61,000 new positions, followed by retail and professional and business services (50,000 apiece), manufacturing (31,000) and financial activities (28,000).

In the January employment report, a 2.9% year-over-year gain in average hourly earnings - the fastest pace since 2009 - sparked a sell-off in stock and bond markets amid worries that wage inflation was picking up enough to cause the Federal Reserve to ramp up its interest rate hike plans.

As for the jobless rate of black Americans - a statistic that President Trump has referred to often in recent months - after a sharp increase in January, that rate took a big step in the right direction in February, just off the all-time low set in December. The average workweek for all private employees increased to 34.5 hours, from 34.4 hours.

The strong wage growth figure for January prompted sharp volatility on the stock market, as investors anxious the US Federal Reserve would quicken the pace at which it increased interest rates. Payrolls in January were revised to 239,000 from 200,000.

There is every indication the February employment figures will reflect a strong labor market.

More news: Hadiya's was an 'adjustment' marriage, will consider moving review plea: father

These latest jobs reports have told us "that the economy isn't showing signs it's nearing a recession as jobs growth remains strong and new participants enter the labor force".

"The headline number is pretty outstanding", says Cathy Barrera, chief economist at ZipRecruiter, a job recruitment site.

In January, wages picked up a rate unseen since 2009.

For now, though, the USA job market remains the biggest strength of the economy's recovery from the Great Recession.

"In a nutshell, the tax cuts are already boosting hiring, but as long as it's not causing wages to accelerate or the unemployment rate to drop, why worry?"

Economists had expected 200,000 additions to nonfarm payrolls, with the unemployment rate falling to 4.0 percent. The average over the year shows an hourly increase of 68 cents.

The U.S. stocks were traded higher after the strong job report.

Related Articles

  • Paul Manafort gets a trial date

    Paul Manafort gets a trial date

    But Manafort, a veteran Washington Republican political consultant, has refused to do a deal and will go to trial instead. Prosecutors told said in court they planned to call 20-25 witnesses and said their arguments could last up to two weeks.
    Stormy Daniels sues Trump over 'hush agreement'

    Stormy Daniels sues Trump over 'hush agreement'

    Trump's longtime attorney Michael Cohen in exchange for her silence about the alleged relationship, according to the filing. Daniels' claims that she wanted to come forward before the election but was "silenced" to ensure Mr Trump won the race.
    S Mode For Windows 10 Officially Confirmed By Microsoft

    S Mode For Windows 10 Officially Confirmed By Microsoft

    This move means it will be easier for Microsoft to continue to offer Windows 10 S to users, while simplifying the upgrade path. When Microsoft introduced Windows 10S a year ago , I was deeply concerned.
  • Air India to commence Delhi to Tel Aviv flight from March 22

    Air India to commence Delhi to Tel Aviv flight from March 22

    A spokesman for the Israel Airports Authority confirmed Air India has received permission to land at Israel's Ben Gurion airport. Israel and India have seen a surge in cooperation under Prime Minister Benjamin Netanyahu and Prime Minister Narendra Modi.
    Google Lens now live on all Android phones through Photos

    Google Lens now live on all Android phones through Photos

    Google has announced that the next major version of its mobile operating system , Android P , is available for developers to try. Developers who do not have a Pixel device can rely on the Android Emulator and explore Android P's new features .
    Lesley Manville not sour-faced about Gary Oldmans Oscar win

    Lesley Manville not sour-faced about Gary Oldmans Oscar win

    In the docs, obtained by TMZ , Gary said they were struggling over the phone, and that it accidentally hit her when he let go. Now Oldman and Fiorentino's oldest has come to the defense of his father via a statement, according to the Huffington Post .
  • Giants acquire Alec Ogletree from Rams

    Giants acquire Alec Ogletree from Rams

    This had helped him earn a lucrative four-year, $42.7 million extension in October 2017 that had $30 million guaranteed. Ogletree was a first-round pick out of Georgia in 2013 and started all but one game he appeared in for the Rams since.
    Stephen Colbert asks 'God' to make Oprah Winfrey run for United States  president

    Stephen Colbert asks 'God' to make Oprah Winfrey run for United States president

    "We're gonna have to get a bigger chair and I'm gonna need a stepladder to interview the guy", Colbert joked. She says it's just not the kind of job you should be doing if you can't commit yourself to it 100%.
    Flu death toll in DE  increases to 28, ties record high

    Flu death toll in DE increases to 28, ties record high

    As of March 3, Pennsylvania had recorded 169 flu-related deaths in the 2017-2018 flu season, including five children. Locally, officials haven't found this flu season to be much different from past flu seasons.
  • FDA Gives 23andMe Approval To Check For BRCA Mutations

    FDA Gives 23andMe Approval To Check For BRCA Mutations

    The American Cancer Society says this year , it will be diagnosed in 260,000 women and a few men, and will kill almost 41,000. To win approval, the company submitted data showing its instructions and reports are easy to understand.
    Serena Williams marks post-childbirth comeback with a win over Zarina Diyas

    Serena Williams marks post-childbirth comeback with a win over Zarina Diyas

    Mine is Strong and Sure! But if anyone can, Serena Williams can-maybe not in Indian Wells , but just wait until Wimbledon . I also feel I have less to prove today than in the past but that doesn't mean I don't want it badly.
    Happy International Women's Day - Here's The Official Theme

    Happy International Women's Day - Here's The Official Theme

    All women and girls - rich or poor, urban or rural, educated or illiterate - must be able to access the health services equally. What this effectively does is that retaining women suddenly becomes a far more expensive proposition for employers.