In January, job growth slowed to 143,000, sharply down from previous months, with cold weather influencing hiring trends. The unemployment rate fell to 4%. Job gains were primarily in retail, healthcare, and government, while construction and manufacturing remained stagnant, and bars and restaurants cut jobs. Despite fewer additions, average wages increased by 4.1% annually, outpacing inflation, indicating a healthy labor market. Recent revisions showed about 2.3 million jobs were created in the past year, highlighting workforce growth spurred by higher immigration, though potential policy changes could impact future job growth.
Employers added fewer jobs in January than the previous two months due to cold weather, with a total of 143,000 jobs added, significantly down from December's figures.
Despite the dip in job additions, the unemployment rate decreased to 4% in January, reflecting a solid economic environment influenced by steady wage growth.
Average wages in January rose 4.1% year-over-year, surpassing inflation rates, indicating a stronger purchasing power for workers and robust job market conditions.
Annual revisions revealed 2.3 million jobs added over the last year, but imposed immigration limits could alter the job growth trajectory.
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