U.S. economy adds 225,000 jobs in January, smashing estimates

by Jordyn Pair · Feb 7th, 2020 10:12 am

U.S. nonfarm payrolls soared in January, with the economy adding 225,000 jobs during the month, well above Wall Street predictions. Although the unemployment rate rose to 3.6 percent, it was a result of the labor force participation rate rising .2 percentage points to 63.4 percent, the highest its been since June 2013, according to the Labor Department.

Economists surveyed by Dow Jones originally predicted a payroll growth of 158,000 and the jobless rate to stay at 3.5 percent.

A mild January was the cause of some of the increase, as the weather-sensitive construction industry led the way in payroll additions. The industry added 44,000 positions, above its average of 12,000 during 2019.

Leisure and hospitality, industries also affected by the weather, added 36,000 positions. Health care grew by the same number. Professional and business service added 21,000 jobs, and transportation and warehousing added 28,000.


Comments

You must become a subscriber or login to view or post comments on this article.