In January, the U.S. job market added 353,000 nonfarm payrolls, exceeding expectations while the unemployment rate remained stable at 3.7% when projections expected it would be 3.8%. The average earnings rose by 0.6%, which is double the estimate, and the wages also increased by 4.5% on a yearly basis. Job growth was common among sectors, which gives a strong start for the labor market in 2024.
The report shows a strong U.S. economy. This could delay Federal Reserve interest rate cuts. The market reactions were mixed with futures showing an over 80% chance of no rate cut in march. Even though there are positive job figures, a broader unemployment measure rose to 7.2%. There are still concerns about the division between hourly earnings and hours worked.
https://www.cnbc.com/2024/02/02/us-economy-added-353000-jobs-in-january-much-better-than-expected.html?&qsearchterm=economy
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