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Jobs growth increases in January

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Jobs growth increases in January

Unemployment rate ticks up to 5.7%.

Total nonfarm payroll employment rose by 257,000 in January, and the unemployment rate increased to 5.7%, the U.S. Bureau of Labor Statistics reported today.

Consensus estimates had expected an increase of 234,000 new jobs.

"Consensus estimates had expected an increase of 234,000 new jobs."

Job gains occurred in retail trade, construction, health care, financial activities, and manufacturing. The historically low employment participation rate increased slightly to 62.9%.  The number of unemployed persons increased in January, coming in at 9 million. In January, average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to $24.75, following a decrease of 5 cents in December. Over the year, average hourly earnings have risen by 2.2%.

The full report can be found here.

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