January saw a surge of 353,000 jobs added to the U.S. economy, according to a report by the Labor Department
OAN’s James Meyers
2:19 PM – Friday, February 2, 2024
In a surprising increase, the U.S. economy added an influx of new career positions even though unemployment rates have stayed steady.
According to data released on Friday by the Labor Department, the economy added 353,000 jobs in January, and the unemployment rate clocked in at 3.7 percent.
The latest data released exceeded expectations from the Wall Street Journal that predicted 185,000 jobs would be added with a 3.8 percent unemployment rate.
“The labor market is the little engine that could, and it kept chugging away in January: 353,000 net new jobs is a strong start to the year, higher than the already impressive average monthly job gain of 255,000 for 2023,” said John Leer, chief economist at Morning Consult.
Additionally, wage growth went up as average hourly earnings increased 0.6%, which was double the monthly estimate. On a year-by-year basis, wages increased 4.5% well above the 4.1% predictions.
However, according to a recent survey conducted by Pew Research Center, a low 28 percent of Americans say the economy is in “excellent or good shape.” The largest share of Americans who rated the economy as good or excellent at 57% was in 2020 under former President Donald Trump.
Furthermore, Joe Biden’s current approval rating sits at a low 33%, according to a poll by Decision Desk HQ/The Hill this week.
Inflation remains one of the most crucial issues among voters in 2024 as the Federal Reserve held interest rates at just over 5 percent this week.
“I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting,” Fed Chair Jerome Powell said at a news conference following the announcement.
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Strong jobs data coincides with planned mass job cuts. Today’s January jobs report showed that 353,000 jobs were added.
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What factors could explain the surprising increase in job growth despite steady unemployment rates in the U.S.?
Surprising Increase in U.S. Job Growth Despite Steady Unemployment Rates
In a surprising turn of events, the U.S. economy has witnessed a significant increase in new job positions, despite the unemployment rate remaining steady. According to data released by the Labor Department on Friday, the economy added 353,000 jobs in January, with an unemployment rate of 3.7 percent.
This latest data has exceeded expectations from the Wall Street Journal, which had predicted the addition of 185,000 jobs with a 3.8 percent unemployment rate. It is indeed a strong start to the year, outperforming the already impressive average monthly job gain of 255,000 in 2023, as stated by John Leer, the chief economist at Morning Consult.
Furthermore, there has been notable growth in wages, with average hourly earnings increasing by 0.6 percent, which is double the monthly estimate. On a year-by-year basis, wages have gone up by 4.5 percent, surpassing the predicted 4.1 percent increase.
Despite these positive indicators, a recent survey conducted by Pew Research Center shows that only 28 percent of Americans consider the economy to be in ”excellent or good shape.” This figure is considerably lower than the 57 percent who rated the economy positively in 2020 under former President Donald Trump.
Moreover, President Joe Biden’s current approval rating stands at a mere 33 percent, according to a recent poll by Decision Desk HQ/The Hill. This reflects the public’s concern and dissatisfaction with the state of the economy under Biden’s leadership.
Additionally, inflation remains a significant concern among voters in 2024. The Federal Reserve has held interest rates just over 5 percent this week. Fed Chair Jerome Powell stated that it is unlikely that the committee will reach a level of confidence to make any changes during the March meeting.
In conclusion, the recent increase in job growth is undoubtedly a positive sign for the U.S. economy. However, the survey results and public opinion highlight the need for the government to address concerns and work towards improving economic conditions. The upcoming months will be crucial in determining the direction of the nation’s economy and its impact on the labor market.
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