By Tom Burnett CFA
On February 2, 2024, the Bureau of Labor Statistics released its Employment Report for January. Total nonfarm payroll employment rose by 353,000, similar to the gain of 333,000 in the previous month. The unemployment rate was 3.7% for the third month in a row. The number of unemployed workers was unchanged at 6.3 million.
Manufacturing employment rose by 23,000 jobs, after showing little net job growth in the 2023 year.
Average hourly earnings for private nonfarm payroll workers rose by $0.19 to $34.55, up 4.5% from one year ago.
Revisions to previous data from November and December combined to show an increase of 126,000 above previous figures.
The next Employment Report will be issued on March 8, 2024.
Tom Burnett CFA is Director of Research