Although it moved more slowly than it had in the preceding two months, the labor market reportedly continued to grow in January.
The Labor Department said on Friday that the U.S. economy created 143,000 new jobs last month and that the unemployment rate decreased marginally to 4%.
The data indicates a cooling but stable job market.
According to a Wall Street Journal survey, the increase in jobs was fewer than the 169,000 jobs experts had predicted and a decline from November and December.
However, the job numbers were revised upward by a total of 100,000 jobs, indicating that the job market in November and December was better than originally believed.
January’s unemployment rate fell short of the 4.1% forecast by experts.
Economists described the news as strong despite the reduction in job growth, even though employment figures can fluctuate from month to month.
The Dow Jones Industrial Average and the S&P 500 both saw losses of roughly 1% as stocks ended the day lower.
Jobs were created in industries like government, healthcare, and retail. Mining and oil and gas extraction saw a fall in employment.
Although it has cooled from its ferocious peak during the pandemic, the job market is still robust. Layoffs are still at an all-time low, but hiring and job turnover have also slowed.
The percentage of employed individuals between the ages of 25 and 54 who are in their prime working years increased somewhat to 80.7%.
The final employment report of the Biden period, released in January, coincides with the implementation of labor market-affecting measures by just sworn-in President Trump.
He claims to be starting the biggest deportation campaign in American history and has pledged to reduce immigration, which may limit labor force expansion.
[READ MORE: Bill O’Reilly Claims Elon Musk has no ‘Power’ to Stage a Coup]
About Post Author
