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Economy Posts Solid Job Growth, Wages Rebound

Despite some economic headwinds and a difficult month for seasonal adjustments, the economy put in solid jobs and wage growth last month.
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/ Source: Reuters

U.S. job growth rose solidly in January and wages rebounded strongly, despite some economic headwinds.

Nonfarm payrolls increased 257,000 last month, the Labor Department said on Friday. Data for November and December was revised to show a whopping 147,000 more jobs created than previously reported, bolstering views consumers will have enough muscle to carry the economy through rough seas.

At 423,000, November's payroll gains were the largest since May 2010, when employment was boosted by government hiring for the population count. While the unemployment rate rose one-tenth of a percentage point to 5.7 percent, that was because the labor force increased, a sign of confidence in the jobs market.

January marked the 11th straight month of job gains above 200,000, the longest streak since 1994. Economists polled by Reuters had forecast hiring increasing 234,000 last month and the unemployment rate holding steady at 5.6 percent.

Wages increased 12 cents last month after falling five cents in December. That took the year-on-year gain to 2.2 percent, the largest since August.


-- Reuters