Although Covid-19 was still raging across the nation, the U.S. far outpaced expectations to create more jobs in January. The U.S. Labor Department showed nonfarm payrolls increased by 467,000 jobs in Jan. December data was also revised higher to show 510,000 jobs created, instead of the previously reported 199,000.
Economists polled by Reuters had forecast only 150,000 jobs would be added in January. Estimates ranged from a decrease of 400,000 to a gain of 385,000 jobs. The unemployment rate remained unchanged at 4%.
The U.S. was averaging more than 302,000 cases of Covid-19 per day in early February, according to figures from the Centers for Disease Control and Prevention – down from a peak of close to 850,000 cases, on average, in January.
Wages in the U.S. are also rising the fastest they have in years, the report said, which is attributed for luring people back to the workforce. In December, the Federal Reserve Bank of Atlanta showed an overall 5.5% increase in hourly wages.
Source: Crain’s New York Business