U.S. Economy Added 225,000 Jobs in January
Unemployment ticked up a tad to 3.6% due to job seekers flooding the market.
Expectations exceeded once again!
Employers added 225,000 jobs in January and the jobless rate was 3.6%, signs that the U.S. labor market is positioned to fuel economic growth in 2020.
Wages increased 3.1% from a year earlier, a touch higher than December’s annual rise of 3%.
Economists surveyed by The Wall Street Journal had forecast job growth of 158,000, an unemployment rate of 3.5% and year-over-year wage growth of 3.0%.
January’s robust payroll gain points to a continued healthy labor market in a U.S. economic expansion now in its 11th year. Over the past three months, the U.S. economy added an average 211,000 jobs. Job growth was revised higher in the last four months of 2019.
Robert Jones, president of American Sale, an Illinois-based retailer of home-recreation goods such as trampolines and hot tubs, said his company will add more workers this year. He expects a low unemployment rate and solid economy to help spur spending on big-ticket items.