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MNI BRIEF: US Jan Hiring, Wage Gains Rocket Above Expectations

(MNI) WASHINGTON

Average hourly earnings also exceed forecasts, raising concerns about inflation persistence.

USDataPolicy NewsCentral Bank NewsHomepageFederal ReserveData BriefData StoriesBriefStoryRegionNorth America

U.S. employers added 353,000 jobs in January and hiring for the last two months of 2023 were revised up another 126,000, nearly double what Wall Street analysts expected, while average hourly earnings also topped predictions, coming in at 0.553% in January compared to 0.38% in December, the Bureau of Labor Statistics said Friday. The unemployment rate stayed at 3.7%.

The hot labor market data will make the Federal Reserve more comfortable about holding interest rates higher for longer. Treasury yields spiked and futures fell and the dollar strengthened, while the chance of March cut fell to 24% from 40% before the report. (See: MNI INTERVIEW: US Manufacturing Nearing Growth Phase, ISM Says)

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U.S. employers added 353,000 jobs in January and hiring for the last two months of 2023 were revised up another 126,000, nearly double what Wall Street analysts expected, while average hourly earnings also topped predictions, coming in at 0.553% in January compared to 0.38% in December, the Bureau of Labor Statistics said Friday. The unemployment rate stayed at 3.7%.

The hot labor market data will make the Federal Reserve more comfortable about holding interest rates higher for longer. Treasury yields spiked and futures fell and the dollar strengthened, while the chance of March cut fell to 24% from 40% before the report. (See: MNI INTERVIEW: US Manufacturing Nearing Growth Phase, ISM Says)

Keep reading...Show less