U.S. job gains exceeded expectations in January, with the country adding 200,000 total nonfarm jobs, a significant uptick from the approximately 160,000 new positions created in December 2017.
Bloomberg economists had predicted job gains of 180,000.
The manufacturing sector added 33,000 jobs!
Unemployment remained static at its record low of 4.1 percent for the fourth month in a row. Average hourly earnings across the nonfarm private sector increased 9 cents. Year-over-year wage growth from January 2017 to 2018 is a strong 2.9 percent. Nearly all of the industries that served as primary engines of expansion for the American workforce last year such as manufacturing, healthcare, construction and food and beverage services all added jobs during this month.
The biggest job gains were durable goods and general manufacturing, which added 33,000 jobs (18,000 and 15,000 respectively). Construction added 36,000. Food and beverage businesses weren’t far behind in their creation of new work, supplying 31,000 jobs. Healthcare, which added jobs virtually without cease in 2017 at a pace of about 24,000 per month, did not slow down to start the new year, opening up 21,000 new positions in January.
According to Bloomberg and The New York Times, the recent tax reform legislation passed by Congress and signed into law by President Trump has galvanized the American business community’s outlook for the immediate future, prompting many companies to raise wages, add to 401k’s and issue bonuses. January’s job gains bode well for the continued growth of the U.S. economy, especially in our manufacturing sector.
Click here to view the full report from the Bureau of Labor Statistics