According to the Bureau of Labor Statistics, U.S employers added 350,000 jobs in January, while initial estimates called for 185,000. The unemployment rate remained at 3.7%, against predictions for 3.8%.
Hourly earnings also saw a significant jump, up 0.6% month-over-month, nearly double the monthly estimate. Wages increased 4.5% on a year-over-year basis, above the 4.1% forecast.
Job growth was widespread throughout the month, marking significant numbers in the following sectors:
- Professional and Business Services: 74K jobs added
- Manufacturing: 23K jobs added
- Health Care: 70K jobs added
- Retail: 45K jobs added
- Government: 36K jobs added
This news suggests that the U.S. labor market’s consistent growth and solid foundation will support a broader economic expansion throughout 2024.
So, what does this mean for employers?
The labor market is healthy and open jobs are plentiful. This is good news for your business as you look to grow your team. However, this could also mean that finding the right candidates and making your jobs stand out might be difficult in a crowded sector. It’s important to consider the resources available to you and how a staffing agency like ETS can help.
At ETS, we offer a staffing solution that is customized to your business goals and long-term vision. We’ll deliver top talent from diverse industries in your area to fill contract, contract-to-hire or direct-hire roles. We will swiftly adapt to your evolving needs and changes in the labor landscape, making it easy to build a world-class workforce.
To learn more about our workforce resources, request talent now or live chat with the team.