Modest slowdown in US job growth expected in January
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U.S. job growth is expected to have slowed marginally in January due to a resilient economy and strong worker productivity. The employment report from the Labor Department is likely to show nonfarm payrolls increased by 180,000 jobs, below the monthly average of 225,000 jobs in 2023. Layoffs in January were below normal, offsetting the impact of winter storms. Average hourly earnings are forecast to have increased by 0.3% in January, leaving the annual increase in wages unchanged at 4.1%. The unemployment rate is expected to rise to 3.8% from 3.7% in December.
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