US job growth unexpectedly jumps in January as economy adds 353,000 new positions
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US job growth in January exceeded expectations as the economy added 353,000 new positions, according to the Labor Department. This figure surpassed the forecasted gain of 180,000 jobs. The unemployment rate remained steady at 3.7%. Average hourly earnings rose 0.6% last month, double what economists expected, and wages increased by 4.5% on an annual basis. The report also included upward revisions to job growth in November and December. The strong job market performance reduces the likelihood of an imminent rate cut by the Federal Reserve. The stock futures fell after the report, as investors' hopes for a March rate reduction were dashed. Job gains were seen across various sectors, including professional and business services, health care, retail trade, government, and manufacturing.
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https://www.foxbusiness.com/economy/us-jobs-report-january-2024