Overview of Employment Situation
January 2024 marked a significant increase in nonfarm payroll employment, with a total rise of 353,000 jobs. Despite this boost, the unemployment rate held steady at 3.7 percent. Notable job growth was observed in professional and business services, health care, retail trade, and social assistance, while a decline occurred in the mining, quarrying, and oil and gas extraction industries.
Ahead of the report, traders were looking for the Non-Farm Employment Change to come in at 187K. The Unemployment Rate was forecast at 3.7% and Average Hourly Earnings at 0.6%.
Steady Unemployment Rate
January sustained an unemployment rate of 3.7 percent, consistent for three consecutive months. The number of unemployed individuals remained largely unchanged at around 6.1 million. The unemployment rates across various worker groups, including…
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