Friday, February 7, 2020

January's Jobs Report

The U.S. economy added a robust 225,000 jobs in January, with warmer weather during the month helping boost hiring even in a persistently tight labor market, the Commerce Department reported this morning. The headline unemployment rate rose slightly to 3.6 percent,

The labor force participation rate rose to 63.4 percent, reaching its highest level since 2013. A higher labor force participation rate indicates a greater proportion of the working-age population is working or actively seeking employment. That was the prime reason for the rising unemployment rate.

In keeping with recent trends, most of January’s payroll gains came from the private service-providing sector, with education and health services adding 72,000 new jobs for the month. Leisure and hospitality industries also posted strong job gains, adding 36,000 jobs in January.

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