US job growth unexpectedly jumps in January as economy adds 353,000 new positions

U.S. job growth unexpectedly surged in January, underscoring the resilience of the labor market even in the face of high interest rates and stubborn inflation.

Employers added 353,000 jobs in January, the Labor Department said in its monthly payroll report released Friday, easily topping the 180,000 gain forecast by Refinitiv economists. The unemployment rate held steady at 3.7%.

Wage growth also accelerated last month, with average hourly earnings – a key measure of inflation – rising 0.6%, double what economists expected. On an annual basis, wages rose 4.5% in January.