The U.S. economy added an average 211,000 jobs over the past three months.
Photo: Lynne Sladky/Associated PressEmployers added 225,000 jobs in January and the jobless rate was 3.6%, signs that the U.S. labor market is positioned to fuel economic growth in 2020.
Wages increased 3.1% from a year earlier, a touch higher than December’s annual rise of 3%.
Economists surveyed by The Wall Street Journal had forecast job growth of 158,000, an unemployment rate of 3.5% and year-over-year wage growth of 3.0%.
January’s robust payroll gain points to a continued healthy labor market in a U.S. economic expansion now in its 11th year. Over the past three months, the U.S. economy added an average 211,000 jobs. Job growth was revised higher in the last four months of 2019.
Robert Jones, president of American Sale, an Illinois-based retailer of home-recreation goods such as trampolines and hot tubs, said his company will add more workers this year. He expects a low unemployment rate and solid economy to help spur spending on big-ticket items.
“When you have more demand, you have more to do, so you just need more people,” Mr. Jones said.
A strong labor market should help propel the broader economy, which was expanding at a moderate pace as 2019 came to a close.
The Federal Reserve left its benchmark interest rate unchanged at its meeting last week, after cutting interest rates three times last year. It is taking a wait-and-see approach on its next move with an eye on trade, business investment and global growth.
In recent weeks, new risks have emerged particularly for the manufacturing sector. Boeing Co. halted production of its troubled 737 MAX aircraft, an impediment to manufacturing output that is expected to reduce first-quarter U.S. growth. The coronavirus outbreak that originated in China could hinder a rebound in global manufacturing activity.
In January, manufacturers cut jobs. Meanwhile, industries including construction, health care and transportation and warehousing added jobs at a strong pace.
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Historically low unemployment hasn’t translated into an acceleration in wage growth. Average hourly earnings increased by 7 cents last month to $28.44. Wages were up 3.1% from a year earlier. Pay has grown at an annual pace of 3% or higher for 18 consecutive months.
Wage growth is one factor that influences Americans’ desire to seek work.
The share of Americans working or looking for work ticked up in January to 63.4% from 63.2% in December. The so-called labor-force participation rate has remained steady in recent years, defying economists’ expectations for the retirement of baby boomers to drag down the rate.
Annual revisions released Friday showed the overall employment level for March 2019 was revised down by 514,000 jobs to 150.28 million. For all of 2019, employers added 2.096 million jobs, a downward revision of 12,000.
Write to Sarah Chaney at sarah.chaney@wsj.com and Eric Morath at eric.morath@wsj.com
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2020-02-07 13:31:00Z
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