The
U.S.
economy
added
353,000
jobs
in
January,
according
to
the
latest
report
from
the
Bureau
of
Labor
Statistics.
The
government’s
report
also
revised
up
previous
estimates
for
new
job
creation
in
December
and
November.
The
unemployment
rate
held
steady
at
3.7%.
Economists
had
forecast
that
nonfarm
payroll
employment
would
rise
176,500
vs.
an
originally
reported
216,000
increase
in
December,
according
to
FactSet.
The
unemployment
rate
had
been
expected
to
rise
to
3.8%
from
3.7%
in
December.
Following
the
announcement,
the
U.S.
dollar
rose
sharply
against
European
currencies.
U.S.
stock
futures
and
European
stocks
declined
as
traders
re-assessed
their
expectations
for
Federal
Reserve
rate
cuts
starting
as
soon
as
May.
January
Jobs
Report
Key
Stats
-
Total
nonfarm
payrolls
increased
by
353,000
versus
an
upward
revised
333,000
in
December. -
The
unemployment
rate
held
steady
at
3.7%. -
Average
hourly
wages
climbed
by
0.6%
to
$34.55
after
rising
0.4%
in
December.
In
January,
average
hourly
wages
increased
by
19
cents,
or
0.6%,
to
$34.55.
Over
the
past
12
months,
average
hourly
earnings
have
increased
by
4.5%.
The
average
workweek
for
all
employees
on
private
nonfarm
payrolls
fell
to
34.1
hours
in
January,
down
from
34.3
in
December.
For
manufacturing
employees,
the
average
workweek
fell
to
39.5
hours
in
January,
and
overtime
fell
to
2.6
hours.
For
production
and
nonsupervisory
employees,
the
average
workweek
shortened
to
33.1
hours
from
33.8
the
prior
month.
This
article
was
partially
generated
by
Wordsmith,
an
automated
smart-text
platform,
using
data
from
the
Bureau
of
Labor
Statistics.
The
article
has
been
amended
and
edited
by
Morningstar
editors.
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