Nonfarm payroll employment increased by 200,000 new jobs in January, the U.S. Bureau of Labor Statistics reported Friday, marking the country's 88th straight month of employment gains. The unemployment rate remained at 4.1%.
Wage growth experienced its strongest year-over-year increase since 2009. Hourly wages for private sector workers increased 0.34% month-to-month and 2.9% annually.
Construction jobs showed the healthiest gains, adding 36,000 jobs, followed by food services and drinking places, healthcare and manufacturing. Job gains have averaged 192,000 over the last three months.
Here is how some economists reacted on Twitter.
With revisions job growth averaged 192k for the past three months. That's strong. And wages now +2.9% y/y -- also a jump, though in a wiggly series.
— Jed Kolko (@JedKolko) February 2, 2018
Finally! Wage growth accelerated In Jan. Average hourly earnings for private-sector workers climbing 0.3% on the month and up 2.9% over the year, strongest year-over-year gain since June 2009 https://t.co/gsa8kNcevr via @WSJ
— David Wessel (@davidmwessel) February 2, 2018
Hourly wage growth comes in at fastest in eight years, likely boosted by minimum wage increases in 18 states and tax-cut inspired raises.
— Chris Rugaber (@ChrisRugaber) February 2, 2018
The share of the 25-54 year old population with a job ticked down slightly in January, but has generally trending up. Still has more distance to travel before we approach full employment levels. pic.twitter.com/LIuxA45Cxw
— Elise Gould (@eliselgould) February 2, 2018
#JobsReport: 61% of jobs added in January went to women.
— IWPR (@IWPResearch) February 2, 2018
Women gained 122,000 jobs and men gained 78,000 for a total of 200,000 jobs added in January 2018. pic.twitter.com/xZ1PPOQtsd
Job and wage growth accelerating. Yes, the Fed will lift rates 3, maybe 4, times this year. Yes, long-term rates are headed higher. No, this will not end the bull market. Stocks are still undervalued.
— Brian Wesbury (@wesbury) February 2, 2018
The next Fed chair should continue the course set by Yellen, keeping the Fed’s foot off the brake until the economy has fully recovered.
— Elise Gould (@eliselgould) February 2, 2018
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