US Economy Creates Gangbusters 353,000 New Jobs to Kick Off 2024

The U.S. economy created 353,000 new jobs in January, nearly doubling economists’ forecasts, highlighting a solid labor market to kick off 2024.

According to the Bureau of Labor Statistics (BLS), the unemployment rate was unchanged at 3.7 percent, coming in below the consensus estimate of 3.8 percent.

The employment gains were concentrated mainly in health care (70,000), retail (45,000), government (36,000), and social assistance (30,000).

Average hourly wages picked up steam last month, rising to a higher-than-expected 4.5 percent year-over-year and jumping 0.6 percent monthly.

The labor force participation was flat at 62.5 percent. Average weekly hours dipped from 34.3 to 34.1.

BLS data revealed upward revisions to the November and December jobs data by 9,000 and 117,000, respectively. This means the U.S. economy added 182,000 positions in November and 333,000 jobs in December.

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