Employment situation in January 2024

In January 2024, non-farm employment grew significantly, with new jobs reaching 35.30,000。Despite this boost in the job market, the unemployment rate remains at 3.The 7% level。Significant job growth was observed in areas such as professional and business services, healthcare, retail trade and social assistance, while declines were observed in mining, quarrying and oil and gas extraction.。

Before the report, traders expected non-farm employment changes to reach 18.70,000, unemployment expected at 3.7%, the average hourly wage is 0.6%。

stable unemployment rate

The unemployment rate remained at 3 in January 2024..7% level, has been unchanged for three consecutive months。The number of unemployed people remained basically at about 6.1 million.。Unemployment rates for various groups of workers, including adult men, women, adolescents and major racial groups, showed little or no change。

Industry employment trends

Outstanding performance in professional and business services, with 7 new jobs.40,000, well above average monthly growth in 2023。70,000 new jobs were created in the healthcare sector, with significant growth in outpatient medical services and hospitals.。New Retail Trade Jobs 4.50,000, although its overall growth has been limited since early 2023。There has also been growth in the area of social assistance, particularly in personal and family services。Manufacturing grows slightly, government employment continues to rise。

Hourly pay and hours worked per week

The average hourly wage for all private nonfarm workers rose 19 cents to 34.$55, up 4.5%。However, the average weekly working hours decreased slightly to 34.1 hour。

Short-term market forecast

The outlook looks cautiously optimistic given strong job growth in key areas and a stable unemployment rate。Continued growth in average hourly wages suggests that the labour market is resilient。Labor market forecasts remain bullish in the short term, reflecting continued recovery and growth across sectors。