Employment Rose by 353K in January, Biggest Gain in a Year

Washington, DC, February 2, 2024-Total nonfarm payroll employment rose by 353,000 in January, and the unemployment rate remained at 3.7%, the U.S. Bureau of Labor Statistics reported. 

Job gains occurred in professional and business services, healthcare, retail trade, and social assistance. Employment declined in the mining, quarrying, and oil and gas extraction industry.

According to the Wall Street Journal, January’s gain was “the strongest in a year. December’s payroll figures were also revised upward to 333,000 from 216,000, suggesting that higher interest rates haven’t cooled hiring as much as economists had previously thought.

“Wages also outpaced expectations, jumping 4.5% last month from a year earlier while the unemployment rate in January held steady at 3.7%.”