U.S. economy added 353,000 jobs in January, much better than expected

The U.S. labor market continues to surprise economists and Wall Street with its resilience, as broad job gains in January led to employment growth of 353,000.

The hiring was led by health care and social assistance, which added more than 100,000 jobs. If you include private education in that category, as some economists do, that total jumps to 112,000 jobs.

Health care job growth was boosted by 33,000 net hires in ambulatory health services and 20,000 in hospitals, according to the Bureau of Labor Statistics.

Professional and business services was another area of strength, adding 74,000 jobs. That is well above the monthly average of 14,000 from last year.

Manufacturing employment jumped by 23,000 jobs after seeing little growth last year. Chemical manufacturing accounted for 7,000 of those jobs.

“Job gains were broadly distributed across the economy, with even manufacturing and retail — two sectors where job growth was particularly weak in 2023 — posting strong gains,” Julia Pollak, ZipRecruiter chief economist, said in a note.

Mining and logging was the weak spot, losing 7,000 jobs, even though the sub-category of oil and gas extraction saw a slight gain, according to the BLS.

Read More: World News | Entertainment News | Celeb News
CNBC

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Boeing CEO to step down in broad management shake-up as 737 Max crisis weighs on aerospace giant

Boeing CEO Dave Calhoun speaks to reporters as he departs from a…

Google workers arrested after nine-hour protest in cloud chief’s office

Nine Google workers were arrested on trespassing charges Tuesday night after staging…

AMD and Intel dip on report China told telecoms to remove foreign chips

Semiconductors are a key focus in the technology trade war taking place…

UnitedHealth paid ransom to bad actors, says patient data was compromised in Change Healthcare cyberattack

Omar Marques | Lightrocket | Getty Images UnitedHealth Group on Monday said…