US economy added 143K jobs in January, unemployment rate ticks lower
Crossmark Global Investments CEO and CIO Bob Doll unpacks the state of the U.S. economy on 'Maria Bartiromo's Wall Street.'
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%, 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. Taken together, 100,000 more jobs were created in those two months than previously reported.
INFLATION GAUGE FAVORED BY FED SHOWED PRICE GROWTH PICKED UP IN DECEMBER
The January jobs report came in cooler than expected. (Allison Joyce/Bloomberg via Getty Images / Getty Images)
Private sector payrolls added 111,000 jobs in January, below the 141,000 estimated by LSEG economists.
Wage growth was stronger than expected, with average earnings growing by 0.5% from the prior month and 4.1% from a year ago. Those both top the LSEG economists' estimates of 0.3% growth on a monthly basis and 3.8% year over year.
The manufacturing sector saw employment rise by a modest 3,000 jobs in January, which came in above economists' expectations that the sector would shed 2,000 jobs for the month.
The health care industry added 43,700 jobs in January, driven by hiring at hospitals (+13,900), nursing and residential care facilities (+13,200) and home health care services (+10,600). The sector was
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