January’s Job Report: Rate Remains at 3.7%

Feb 02, 2024

January’s job report saw a gain of 353,000 nonfarm jobs, according to the U.S. Bureau of Labor Statistics’ monthly employment report. Employment gains happened in professional and business services, healthcare, retail trade and social assistance. Employment declined in mining, quarrying and the oil and gas extraction industry.

January’s unemployment rate was 3.7%, unchanged from November and December. The civilian labor force participation rate is at 62.5%, unchanged from December.

The report found that average hourly earnings for employees on private, nonfarm payrolls was $34.55. Over the past 12 months, average hourly earnings have increased by 4.5%.

 

 

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