• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick U.S. economy added 353,000 jobs in January, much better than expected
Editor's Pick

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

by February 4, 2024
by February 4, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • Open seating no more? Southwest CEO says airline is weighing cabin changes
  • Russian oligarch’s yacht is costing U.S. taxpayers close to $1 million a month
  • Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt
  • How the Olympics helped transform Salt Lake City into a tech hub
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Democrats hold vast fundraising advantage as Republicans face cash problems, disarray in crucial swing states
next post
Biden ignores Palestinian terror on West Bank as administration sanctions four Israelis: ‘Pure politics’

You may also like

PepsiCo buys prebiotic soda brand Poppi for nearly $2 billion

March 17, 2025

Top adviser recommends against Elon Musk’s $56B Tesla pay package

June 1, 2024

Cruise CEO Kyle Vogt resigns from GM-owned robotaxi unit

November 22, 2023

Regional bank stocks struggle amid fears of Silicon Valley Bank...

March 16, 2023

OpenAI releases Sora, its buzzy AI video-generation tool

December 10, 2024

4 Reasons Why Penetration Testing Is Crucial For IT and...

February 13, 2023

Airgain® Partners With Deutsche Telekom for Borderless IoT

January 10, 2023

The electronic offender monitoring market in Europe and the Americas...

January 27, 2023

Walmart workers are getting raises

January 24, 2024

Walgreens announces price cuts on 1,300 items amid ongoing consumer...

May 30, 2024

    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.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.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 © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Adidas to cut up to 500...

    January 27, 2025

    Federal Reserve holds interest rates steady...

    February 1, 2024

    Disney tells its lobbyists to step...

    April 22, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here