UBS Financial Advisor Brenda O’Connor Juanas and Sitt Investment Associates Senior Vice President Bryce Doty preview the fourth quarter earnings report, discuss the Walmart stock grant and discuss the economic outlook.
U.S. job growth in January exceeded expectations, driven by sharp hiring gains in many sectors of the economy.
employer Added 353,000 jobs The U.S. Department of Labor released its monthly payroll report for January on Friday, showing almost double the 180,000-job gain that economists at Refinitiv had expected. The unemployment rate remained unchanged at 3.7%, contrary to expectations that it would rise slightly.
“That’s all there is to the cooling of the labor market,” said Robert Frick, business economist at Navy Federal Credit Union. “The best thing about this blockbuster number is how widespread employment is. … It reflects the broader economic expansion, not just the recovery in some sectors such as health care and government. This shows that the labor market is growing.”
The largest payroll increase last month was in the professional and business services sector, which added 74,000 new jobs in January. This is significantly higher than the average monthly increase of 14,000 people in 2023. Employment increased in management and support services (25,700 jobs), computer systems design and related services (14,500 jobs), and architecture and engineering firms (9,900 jobs).
U.S. job growth unexpectedly surges in January as economic growth adds 353,000 new jobs
There was also significant growth in the healthcare industry last month, with payrolls increasing by 70,300. The biggest increases were in hospitals (20,400 jobs), nursing homes and other residential care facilities (16,500 jobs), home health services (15,100 jobs), and clinics (14,500 jobs).
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Retail employment was the third largest contributor to overall payroll in January. The sector hired 45,200 workers in January, with the biggest increases coming from department stores (17,500) and sporting goods, hobbies, musical instruments and bookstores (10,400).
The government also sharply increased hiring last month, increasing payrolls by 36,000 people. Hiring took place at all levels of government: local, state, and federal.
A “We’re Hiring” sign posted at a retail store in New York City on January 5, 2024. ((Photo by Spencer Pratt/Getty Images)/Getty Images)
“Employment growth was robust and broad-based,” said Joe Brusuelas, chief economist at RSM. “Profits were concentrated in the higher-paying categories.”
Other sources of employment in January included social assistance (30,100), manufacturing (23,000), transportation and warehousing (15,500), and information (15,000). It was.
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Only one sector of the economy saw employment decline last month, the Labor Department said in a report. In mining and logging, employment fell by 6,000 people as mining, quarry and oil and gas extraction companies cut back on hiring, the report said.
