January Labor Report: Starting the New Year Strong with Job Gains
The U.S. labor market kicked off 2024 with a bang by adding 353,000 new jobs, according to the Bureau of Labor Statistics. The unemployment rate remained unchanged at 3.7%, marking the 24th consecutive month below 4%. Wages grew 4.5% year over year. The industries that grew the most in January were professional and business services and healthcare.
Professional and business services added 74,000 roles in January, a significant increase compared to the average of 14,000 new jobs per month in 2023.
The healthcare industry saw 70,000 new jobs added. These job gains continue a trend showing an average increase of 58,000 new roles per month throughout 2023.
Government also continued to see growth in January, with 36,000 jobs added. However, this growth fell below the average of 57,000 per month in 2023. 11,000 new roles were added in the federal government and 19,000 new roles in local government.
The January labor report again far exceeded economists’ expectations indicating a favorable start to this year’s labor market.
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Source: January 2024 Monthly Jobs Report, Bureau of Labor Statistics