US Adds 517,000 Jobs In January, Unemployment at 3.4%

Shoshy Ciment
·2 min read
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The U.S. economy added 517,000 jobs in January, beating estimates of 187,000 jobs.

This number represents a dip from December, which saw an increase of 260,000 jobs and November, which saw an increase of 290,000 jobs, according to a newly revised figure from the Bureau of Labor Statistics on Friday. As inflation soars, the job market has stayed tight as wages increase across various industries — even as layoffs in tech and other sectors continue to increase — as the Federal Reserve looks to curb demand and inflation.

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The unemployment rate in December was little changed from November at 3.4%, with 5.7 milllion people unemployed. In November, the unemployment rate was 3.5%.

Notable job gains were present across leisure and hospitality, professional and business services, and health care.

Retail employment edged up in January by 30,000 jobs. Job gains were present across general merchandise retailers and in furniture, home furnishings, electronics and appliance retailers. This was offset by a decline in health and personal care retailers. Throughout 2022, job growth in retail trade averaged 7,000 per month.

Average hourly earnings rose by 10 cents, or 0.3%, to $33.03 in January. Over the past 12 months, average hourly earnings have increased by 4.4%. Meanwhile, inflation continues to soar while showing some signs of improvement. Consumer prices rose by 6.5% in December compared to the prior year, marking the smallest 12-month increase since the period ending in October 2021 and a slowdown from November’s 7.1% and October’s 7.7% year over year growth.

The strong labor market and rising wages have bolstered consumer spending overall amid inflation. Total sales in 2022 were up 9.2% from 2021, according to data from the U.S. Census Bureau.

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