Crossmark Global Investments CEO and CIO BOB DOLL will unfold the state of the US economy on Maria Baltilomos Wall Street.
The US economy added jobs at a slower pace than expected in January as the Federal Reserve remains in a holding pattern of interest rate cuts to assess labor markets and inflation data.
The Labor Department reported Friday that employers added 143,000 jobs in January, below estimates from LSEG economists.
The unemployment rate was 4%, lower than economists expect.
Both of the number of jobs added over the past two months have been revised, with job creation in November increasing 49,000 from 212,000 to 261,000 profits. Meanwhile, December saw a 51,000 increase from profits of 256,000 to 307,000. To sum up, 100,000 jobs have been created over the last two months than previously reported.
Private sector payroll added 111,000 jobs in January, down below the estimated 141,000 by LSEG economists.
Wage growth was stronger than expected, with average revenues increasing by 0.5% from the previous month and 4.1% from a year ago. Both of these outperform LSEG economists' estimates of 0.3% monthly growth and 3.8% year-on-year.
The manufacturing sector has surpassed economists' expectations that employment increased in January with just 3,000 jobs, which the sector will eliminate 2,000 jobs that month.
Healthcare added 44,000 jobs in hospital employment (+14,000), nursing and residential care facilities (+13,000), and home health services (+11,000). The sector was below the average employment of 57,000 people a month in 2024.
Retailers added 34,000 jobs last month, with significant benefits from general merchandise retailers (+31,000) and furniture retailers (+5,000) and electronics and appliance retailers ( -7,000). Overall, the retail sector had few net employment changes in 2024.
The government added 32,000 jobs in January. This is a figure close to the 2024 average monthly profit of 38,000 people.
Social Aid also benefited from community food and housing, emergency services and other relief services (+4,000), adding 22,000 jobs led by individual and family services (+20,000). The sector grew an average of 20,000 jobs a month last year.
This is a developing story. Please check for updates.
