US economy beats expectations
Updated: Feb 13
The economy saw employers add approximately 225,000 jobs last month, according to the Bureau of Labor Statistics January report. The report beat economists' estimates of 160,000 new jobs in January as well as the 12-month average for nonfarm payroll growth.
The BLS report stated that the unemployment rate ticked up to 3.6%. Industries such as construction, health care, and transportation comprised the bulk of job growth, while employment in manufacturing continued to decrease. The retail sector also shed 8,000 jobs in January, but the industry has shown little net change over the past year.
Average hourly earnings rose 0.2% in January, marking an increase of 3.1% from a year prior.
Weekly hours worked was steady at 34.3 hours for the third month straight.
The share of prime-age Americans (age 25 to 54) participating in the labor force climbed to an 11-year high at 83.1%.