The U.S. economy added jobs at a slower pace than expected in January, as the Federal Reserve remains in a holding pattern for interest rate cuts as it evaluates the labor market and inflation data.
The Labor Department on Friday reported that employers added 143,000 jobs in January, below the estimate from LSEG economists.The unemployment rate came in at 4%, coming in lower than economists' expectations.The number of jobs added in the prior two months were both revised, with job creation in November revised up by 49,000 from a gain of 212,000 to 261,000; while December was revised up by 51,000 from a gain of 256,000 to 307,000.
Overall, the retail sector had little net employment change in 2024.Government added 32,000 jobs in January – a figure that was close to in line with its average monthly gain of 38,000 in 2024.Social assistance added 22,000 jobs, led by individual and family services with gains also occurring in community food and housing, emergency and other relief services . The sector grew by an average of 20,000 jobs a month last year.
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