January’s Job Report: Rate Lowers to 3.4%

Feb 03, 2023

January’s job report saw a gain of 517,000 nonfarm jobs, according to the U.S. Bureau of Labor Statistics’ monthly employment report. Employment gains happened in leisure and hospitality, professional and business services and healthcare.

January’s unemployment rate was 3.4%, dropping from 3.5% in December. The civilian labor force participation rate is at 62.4%, little changed from 62.3% in December.

The report found that average hourly earnings for employees on private, nonfarm payrolls was $33.03. Over the past 12 months, average hourly earnings have increased by 4.4%.



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