The US labor market posted strong job growth in January, with nonfarm payrolls expanding by 353,000, above the estimated 185,000, CNBC reports.
The unemployment rate held steady at 3.7%, and average hourly earnings increased 0.6%, doubling the monthly estimate. On a year-over-year basis, wages jumped 4.5%, exceeding the 4.1% forecast. Job growth was widespread across various sectors, including professional and business services, healthcare, retail trade, government, social assistance, and manufacturing.
The report also revised December’s job gains to 333,000, an upward revision of 117,000 from the initial estimate. The report demonstrated the resilience of the US economy, the strong job gains and faster-than-expected wage growth may influence the Federal Reserve’s decision on interest rates.
