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Non-Farm Payrolls: the number of jobs in the United States in January increased significantly stronger than forecast

February, 02 2024
watermark Economic news

In January of this year, the US economy showed positive trends in employment, according to the country's Ministry of Labor. 

The number of jobs increased by 353 thousand, which turned out to be higher than experts' expectations. The consensus forecast assumed an increase of 180 thousand.

It is also worth noting that the revised data for December showed an increase in the number of jobs by 333 thousand, which turned out to be significantly higher than the previous estimate of 216 thousand.

Unemployment in the country remained at 3.7% in January, falling short of the expected level of 3.8%.

Sector details show an increase in the private sector by 317 thousand jobs and in the public sector by 36 thousand.

Separately, it is worth highlighting the growth in the field of professional and business services (74 thousand jobs), healthcare (70 thousand), retail (45 thousand), social security (30 thousand), and the industrial sector (23 thousand).

The average hourly wage in the private sector also showed an increase, increasing by 0.6% compared to the previous month and by 4.5% y/y This growth was higher than analysts' expectations.

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