JANUARY JOBS: The U.S. added 225,000 jobs in January, and the unemployment rate edged up to 3.6% from a 50-year low of 3.5%.
The numbers: The U.S. created a robust 225,000 new jobs in January to get off to a good start in 2020, reflecting surprising resilience in the labor market even though manufacturing has contracted and the economy has softened.
The U.S. stock market fell in Friday trades after several days of big gains. The increase in new jobs easily surpassed the 164,000 forecast of economists surveyed by MarketWatch. Employment in manufacturing, however, fell for the third time in the past four months. The industry shed 12,000 jobs as it struggles to recover from the trade war with China that dented exports in 2019.
Big picture: The pace of hiring is surprisingly strong more than 10 and a half years after the last recession, fueling the longest expansion in U.S. history. Companies aren’t adding as many workers as they were a few years ago, but many complain they can’t find enough skilled workers to fill a still-high number of job openings.
The sliver lining to modest wage growth is stable inflation. Low inflation has allowed the Federal Reserve to cut interest rates to help support the economy and ward off the threat of recession.
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