Sunday , February 28 2021

The US economy generated 304,000 new jobs in January



Employment growth increased in the United States in January, with the largest number of workers hired in 11 months, which points to an underlying strength of the economy, despite a gloomy outlook that led the Federal Reserve to be more cautious about its economy. Monetary hardening cycle.

Non-farm payrolls rose 304,000 last month, the highest increase since February 2018, the Labor Department said on Friday. Growth was boosted by the construction sectors, retail and services, as well as activity in restaurants and hotels.

Data for November and December were revised to show 70,000 fewer jobs than previously reported. The US economy should create nearly 100,000 jobs a month to keep pace growth in the working-age population.

For his part, President Trump referred to the subject by tweeting "Jobs, jobs, jobs!"

Economists interviewed in a Reuters poll predicted that nonfarm jobs would increase by 165,000 jobs last month.

The unemployment rate rose to 4.0%, a seven-month high, fueled by partial paralysis of the government, the longest recorded.

Among Hispanics, unemployment rose to 4.9%, five tenths more than the 4, 4% in December.

Average hourly pay rose 3 cents, or 0.1 percent in January, after 0.4 percent in December, which reduced the annual wage increase to 3.2 percent from 3.3 percent. Percent.

The report comes two days after the Federal Reserve has said its three-year high is likely to be ending due to mounting economic difficulties, including financial market volatility and a slowing growth global. .

"The Federal Reserve has frozen with further interest increases this year and is misunderstanding the economy's future on tea leaves," said Chris Rupkey, MUFG's chief economist in New York.

"Companies in the United States have not given up on their hiring in response to the risks that exist in the world economy," he added.

With information from Reuters and EFE


Source link