Market Updates
U.S. Job Growth Slowed by Solid In January, Wage Growth Supports Fed's Rate Case
Brian Turner
08 Feb, 2025
Washington, D.C.
Nonfarm payrolls increase slowed to 143,000 in January from the upwardly revised 307,000 in December.
The jobless rate edged down 4.0%, and wages inched up 0.5% from the previous month and increased the annual growth to 4.1%, according to the latest data released by the Bureau of Labor Statistics.
The U.S. economy added an average of 166,000 jobs a month, totaling 1.99 million in 2024, slower than the average monthly increase of 225,000, totaling 2.7 million in 2022.
Despite the slowdown in job growth, policymakers are likely to focus on the wage increase, which is far higher and inconsistent with the Fed's target rate of 2%.
The change in total nonfarm payroll employment for November was revised up by 49,000 to 261,000, and for December was revised up by 51,000 to 307,000.
With these revisions, employment in November and December combined is 100,000 higher than previously reported.
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