US Employment Jumps By 200000 Jobs In January, Wage Growth Accelerates

US Employment Jumps By 200000 Jobs In January, Wage Growth Accelerates

Nonfarm payrolls rose a seasonally adjusted 200,000 in January, the Labor Department said Friday.

Without higher wages, economists have warned that economic growth will be hard to sustain, since consumer spending plays a large role in the USA economy.

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

Dan North, chief economist at Euler Hermes North America, says many manufacturers are desperate enough to hire unskilled workers at low wages and train them.

Unemployment rates rose last month for men, Hispanics, blacks and Asians but fell for women, whites and workers lacking a high-school diploma. Collectively, the job gains over the two months were 24,000 less than first estimated.

Cathy Barrera, chief economist at ZipRecruiter, said the low unemployment rate is bestowing other benefits on workers.

That will strengthen the case for the Federal Reserve to raise the benchmark interest rate in March, as it is widely expected to do.

WASHINGTON, Feb 2 (Reuters) - U.S. job growth surged in January and wages increased further, recording their largest annual gain in more than 8-1/2 years, bolstering expectations that inflation will push higher this year as the labor market hits full employment.

The average hourly wage for private sector workers crept up 2.9% compared to January 2017.

The best news, though, is what appears to be a long-anticipated increase in wages.

The question - the "bazillion-dollar question", Frankiewicz said - is when strong hiring will translate into strong wage gains for workers.

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"The availability of labor is the big problem, not demand for workers", Faucher said.

The pace of hiring is slowing, however.

"The unemployment rate will move below 4 percent over the course of 2018, and the tight job market will lead to stronger wage growth". But it is true that recent job growth has been concentrated in blue-collar sectors that Trump has often emphasized.

"The declining trend in unemployment overall and among African Americans is something President Trump inherited", she said. Factories, for example, expanded rapidly in January, according to a survey of purchasing managers, in part because a weaker USA dollar and solid growth overseas have boosted US exports.

On the heels of the tax legislation, hundreds of companies have announced raises and bonuses.

Economic growth could reach 2.5 percent to 3 percent this year, some economists have forecast, which would top 2017's pace.

The economy added 2.3 million in 2013, 2.99 million in 2014, 2.71 million in 2015, and 2.24 million in 2016, making 2017 the worst for job growth since 2012, when the economy added 2.17 million jobs. 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 added 36,000 jobs in January, with most of the increase occurring among specialty trade contractors (up 26,000), the BLS reported.

Restaurant cooks received the largest salary increase in the past year among the 84 occupations the company tracks, according to pay data compiled by Glassdoor, a job listing website. Restaurants, hotels, bars and entertainment gained 35,000. The category of warehousing and storage - partly associated with Internet shopping - added 11,100 jobs, the report showed.

Manufacturers added 15,000, health care 26,000.

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