American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

U.S. economy added 353,000 jobs in January, much better than expected

by admin February 4, 2024
February 4, 2024
U.S. economy added 353,000 jobs in January, much better than expected

Job growth posted a surprise increase in January, demonstrating again that the U.S. labor market is solid and poised to support broader economic growth.

Nonfarm payrolls expanded by 353,000 for the month, much better than the Dow Jones estimate for 185,000, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate held at 3.7%, against the estimate for 3.8%.

Wage growth also showed strength, as average hourly earnings increased 0.6%, double the monthly estimate. On a year-over-year basis, wages jumped 4.5%, well above the 4.1% forecast. The wage gains came amid a decline in average hours worked, down to 34.1, or 0.2 hour lower.

Job growth was widespread on the month, led by professional and business services with 74,000. Other significant contributors included health care (70,000), retail trade (45,000), government (36,000), social assistance (30,000) and manufacturing (23,000).

The report also indicated that December’s job gains were much better than originally reported. The month posted a gain of 333,000, which was an upwards revision of 117,000 from the initial estimate. November also was revised higher, to 182,000, or 9,000 higher than the last estimate.

While the report demonstrated the resilience of the U.S. economy, it also could raise questions about how soon the Federal Reserve will be able to lower interest rates.

The January payrolls count comes with economists and policymakers closely watching employment figures for direction on the larger economy. Some high-profile layoffs recently have raised questions about the durability of what has been a powerful trend in hiring.

However, broader layoff numbers, such as the Labor Department’s report on initial jobless claims, show companies hesitant to part with workers in such a tight labor market.

Gross domestic product growth also has defied expectations.

The fourth quarter saw GDP increase at a strong 3.3% annualized pace, closing out a year in which the economy defied widespread predictions for a recession. Growth came even as the Federal Reserve further raised interest rates in its quest to bring down inflation.

The Atlanta Fed’s GDPNow tracker is pointing towards a 4.2% gain in the first quarter of 2024, albeit with limited data of where things are heading for the first three months of the year.

The economic, employment and inflation dynamics make for a complicated picture as the Fed seeks to ease monetary policy. Earlier this week, the Fed again held benchmark short-term borrowing costs steady and indicated that rate cuts could be ahead but not until inflation shows further signs of cooling.

Chair Jerome Powell indicated in his post-meeting news conference that the central bank does not have a “growth mandate” and said central bankers remain concerned about the impact that high inflation is having on consumers, particularly those on the lower end of the income scale.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Liberals have a new Supreme Court target and you won’t believe who it is
next post
Jailed Pakistani former Prime Minister Imran Khan and wife convicted for “fraudulent marriage”

Related Posts

Meta gets interim relief from Indian court in...

January 23, 2025

Long TIXT: AI Growth and Bullish Signals Point...

November 12, 2024

Pi Coin adds 1.3M users in 30 days...

May 6, 2025

Why is Tesla raising its prices in Canada...

January 23, 2025

Nintendo stock jumps 6% on Switch successor’s backward...

November 6, 2024

Capital One-Discover merger could put a bigger squeeze...

February 22, 2024

Apple taps into the brain, but can it...

May 14, 2025

Keanu price surges with community support, outperforming Solana’s...

November 27, 2024

European, Asian pharma stocks rally as Trump spares...

April 3, 2025

Interview: Psychedelics changing the course of depression; stocks...

April 9, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Interview: Strategic location gives Brazil Potash cost advantage in domestic fertiliser market, says CEO Matt Simpson

      June 1, 2025
    • Canada’s Q1 GDP expands by 2.2%, driven by exports spike ahead of potential US tariffs

      June 1, 2025
    • President Trump to host farewell for Elon Musk as DOGE leader steps away

      June 1, 2025
    • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars

      June 1, 2025
    • Trump wants Apple to shift iPhone production from India to the US: here’s what it means

      May 18, 2025

    Categories

    • Business (3,012)
    • Investing (2,455)
    • Latest News (1,994)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved