Headline Roundup • February 2nd, 2024
US Economy Added 353,000 Jobs in January
Summary from the AllSides News Team
The U.S. economy added 353,000 jobs in January, according to the Bureau of Labor Statistics, beating expectations.
The Details: Economists widely expected roughly 180,000 jobs to be added. Industries with the most new jobs included health care (70,000 jobs added), retail trade (45,000), and social assistance (30,000). The labor force participation rate held steady at 62.5%, and the unemployment rate was 3.7% for the third straight month.
How the Media Covered It: Sources across the spectrum covered the jobs report as their top story Friday morning. CNN Business (Lean Left bias) called the growth "stunning." Fox Business (Lean Right bias) said growth "unexpectedly surged in January, underscoring the resilience of the labor market even in the face of high interest rates and stubborn inflation."
Featured Coverage of this Story
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.
ERIC THAYER/BLOOMBERG NEWS
Hiring accelerated with 353,000 jobs added last month, the Labor Department said Friday. The unemployment rate was 3.7%.
The report offers fresh insight into the U.S. economy as Federal Reserve officials are considering when to start cutting interest rates, a new phase in their effort to control inflation while avoiding a long-feared recession.
Fed Chairman Jerome Powell signaled Wednesday that rate cuts are likely later this year, though probably not at the Fed’s next meeting in March. Strong economic growth and a still-tight labor market were welcome, Powell said, as long as inflation continues to decline.
...
The US economy added a stunning 353,000 jobs last month, according to Bureau of Labor Statistics data released Friday, registering a stronger-than expected gain to kick off 2024.
The unemployment rate remained at 3.7% from the month before. It’s the 24th consecutive month that the nation’s jobless rate has been under 4%.
AllSides Picks
More News about Economy and Jobs on AllSides
News from the Left
News from the Center
News from the Right
Fox Business
