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U.S. added 257K jobs in January; unemployment ticks up to 5.7 percent U.S. added 257K jobs in January; unemployment ticks up to 5.7 percent
(35 minutes later)
The United States kept up its breakneck pace of hiring in January, adding 257,000 jobs as workers received wage increases unseen since the financial crisis, according to government data released Friday morning.The United States kept up its breakneck pace of hiring in January, adding 257,000 jobs as workers received wage increases unseen since the financial crisis, according to government data released Friday morning.
The unemployment rate ticked up by one-tenth of a point, to 5.7 percent, as more job-seekers entered the workforce. The unemployment rate ticked up by one-tenth of a point, to 5.7 percent, largely because so many people — nearly 1.1 million — entered the workforce, some coming off the sidelines after years of discouragement.
The latest encouraging data indicates a labor market that is steadily returning to full health after years of painstaking recovery. Over the last 12 months, the nation has added some 3 million spots on the payroll, evidence for what President Obama described as a “breakthrough year in America” that follows the job hemorrhaging of the financial crisis and then a sputtering journey to get those jobs back. The latest data indicates a fully-firing labor market that has become the engine for the American recovery. The United States has added jobs over the last year at its steadiest pace in two decades, and January offered fresh evidence that employers are now willing to raise wages and compete for workers.
Labor expansion has emerged as the most reliable component of the U.S. economy. For 12 months in a row, the nation has added at least 200,000 jobs, a period of consistency unmatched since 1994-95. The January payroll figures were above market expectations. “We’re finally getting to that point where a self-sustaining recovery is going on,” said Jeremy Lawson, chief economist at Standard Life Investments, an asset management firm.
Meantime, jobs figures for the previous two months were significantly revised upward. November’s net jobs gain now stands at 423,000, up from the previous 353,000. That means November was the biggest month for hiring since May 2010. December's job total was also revised up by 77,000, to 329,000. The U.S. labor market expanded quickly enough last year that President Obama recently called 2014 a “breakthrough year in America.” And as it turns out, 2014 just got even better. As part of the latest data from the Department of Labor, net jobs growth figures from November and December were significantly revised upward. November’s net jobs gain now stands at 423,000, up from the previous 353,000, the biggest one-month gain since 2010. The November through January stretch qualifies as the nation’s best three-month stretch of jobs growth in 17 years.
The January payroll figures were slightly above market expectations, but the month of January tends to be particularly volatile for jobs predictions, given the layoffs of holiday workers. Labor expansion has emerged as the most reliable component of the U.S. economy. For 11 months in a row, the nation has added at least 200,000 jobs, a period of consistency unmatched since 1994-95. The January payroll figures were above market expectations, but the month of January tends to be particularly volatile for jobs predictions, given the layoffs of holiday workers.
In January, wages also showed a welcoming spike and are now up 2.2 percent over the last year. In January, wages also showed a welcoming spike and are now up 2.2 percent over the last year. On an hourly basis, workers were paid $24.57 in January, up by 12 cents from the previous month.
Wage growth has hung between 1.5 percent and 2 percent since 2010, just enough to keep up with inflation -- and keep most workers feeling stuck. Real wages are an important last-step indicator for labor market health, as they rise when more workers leave the sideline and companies feel they need to up the ante to recruit and keep employees. The January wage numbers were being closely watched, because wages had actually taken a slight step backward in December.Wage growth has hung between 1.5 percent and 2 percent since 2010, just enough to keep up with inflation -- and keep most workers feeling stuck. Real wages are an important last-step indicator for labor market health, as they rise when more workers leave the sideline and companies feel they need to up the ante to recruit and keep employees. The January wage numbers were being closely watched, because wages had actually taken a slight step backward in December.
On an hourly basis, workers were paid $24.57 in January, up by 12 cents from the previous month.
Consumers have also gotten a lift from cheap gasoline prices, which have amounted to tens of billions in savings nationwide. Plummeting prices at the pump — the result of a months-long oil market shock — have also played games with the U.S. inflation rate, causing the average prices of goods and services to increase at a slower pace than usual. Between December 2013 and December 2014, the U.S. consumer price index rose only 0.7 percent, the slowest pace since 2009.Consumers have also gotten a lift from cheap gasoline prices, which have amounted to tens of billions in savings nationwide. Plummeting prices at the pump — the result of a months-long oil market shock — have also played games with the U.S. inflation rate, causing the average prices of goods and services to increase at a slower pace than usual. Between December 2013 and December 2014, the U.S. consumer price index rose only 0.7 percent, the slowest pace since 2009.
As a result, workers need only paltry raises for their purchasing power to grow, and this remains true as long as oil prices stay so low. But oil prices have rallied slightly over the last week, rising above $50 per barrel, up from a low of $44.As a result, workers need only paltry raises for their purchasing power to grow, and this remains true as long as oil prices stay so low. But oil prices have rallied slightly over the last week, rising above $50 per barrel, up from a low of $44.