U.S. job growth in January beats expectations, wages increased only modestly [Business News Network (BNN) Energy & Resources (Canada)]
Macy's Inc (M)
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Source: Business News Network
U.S. job growth in January beats expectations, wages increased only modestly U.S. job growth surged more than expected in January as construction firms and retailers ramped up hiring, which likely gives the Trump administration a head start as it seeks to boost the economy and employment. Nonfarm payrolls increased by 227,000 jobs last month, the largest gain in four months, the Labor Department said on Friday. But the unemployment rate rose one-tenth of a percentage point to 4.8 per cent and wages increased modestly, suggesting that there was still some slack in the labor market. Revisions to November and December showed the economy created 39,000 fewer jobs than previously reported. Still, the labor market continues to tighten, which could soon spur a faster pace of wage growth. Federal Reserve officials view the labor market as being at or near full employment. Economists polled by Reuters had forecast payrolls rising 175,000 last month and the unemployment rate unchanged at 4.7 pe
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