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Economy Watch: US Economy Creates 200K Jobs in January

Economy Watch: US Economy Creates 200K Jobs in January

In December, the US economy added 148,000 jobs - fewer than what was expected.

Total payroll employment increased by a net of 200,000 jobs in January, the Bureau of Labor Statistics reported February 2.

Job gains in December and November were revised down by a cumulative 24,000 jobs than previously reported.

Still, the jobs data point to an economy on solid footing, fueled by strong consumer spending and global growth.

"It's not about money at the end of the day", the rapper said.

"The labor market started the year strong", said Fannie Mae Chief Economist Doug Duncan, noting the January gain of 200,000 was almost 20,000 more than the average monthly gain in 2017.

In addition, the number of involuntary part-time workers-those who would prefer but can't find full-time work-dropped by a fifth from this time a year ago.

All told, employers added 200,000 jobs in January.

The robust employment report underscored the strong momentum in the economy, raising the possibility that the Federal Reserve could be a bit more aggressive in raising interest rates this year.

"Real wage growth, after we adjust for inflation, has been slowing down again in 2016 and 2017", said Jay Shambaugh, director of The Hamilton Project at the Brookings Institution and former member of President Obama's White House Council of Economic Advisers.

At the same time, the average workweek shrank by 0.2 hour to 34.3 hours in January, holding down weekly paychecks.

The best news, though, is what appears to be a long-anticipated increase in wages. While determining the exact impact may be hard, economists expect these developments will boost worker pay in 2018.

Unemployment is likely to dip below 4% for the first time since 2000 and the Trump tax cuts are giving the economy a big dose of fresh stimulus.

The unemployment rate for black Americans jumped to 7.7% in January, up from 6.8% in December, according to the Bureau of Labor Statistics. But it is true that recent job growth has been concentrated in blue-collar sectors that Mr. Trump has often emphasized.

CNN had aired a special interview with Jay-Z the evening before in which he said Trump's slur toward African countries showed the president was "looking down on a whole population of people". "The world is witnessing the resurgence of a strong and prosperous America". Retail is the nation's largest private-sector employer, supporting one in four U.S.jobs - 42 million working Americans.

On the heels of the tax legislation, hundreds of companies have announced raises and bonuses. And in 2017, real wages on average grew at a 0.4 percent annual rate, returning to the average annual growth rate experienced from 2012 to 2014. Friday's wage data will certainly add to a thesis that inflation is coming down the pike after having come in below the Fed's 2% target for years. Construction companies added 36,000 jobs, lifted by demand for new homes and remodeling. Overall in the past year, construction employment has increased 226,000 jobs. Restaurants and bars gained 31,000 more bartenders, waiters and cooks. Durable goods industries added 18,000 jobs. That's partly been driven by the online giant Amazon, which went on a hiring rampage previous year, expanding its workforce by a breathtaking 66 percent - 225,000 jobs.

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