By Tom Burnett CFA
On February 3, 2023, the Bureau of Labor Statistics reported the employment data for January. Total employment rose by 517,000 jobs, compared with an average monthly gain of 401,000 in 2022. The unemployment rate fell slightly to 3.4%, the lowest level since 1969. Total employment now stands at 155.0 million, up from 150.1 million a year ago. The number of unemployed workers is now 5.7 million, well below the number (10.5 million) of job openings on offer in the latest BLS report issued on January 20, 2023. Previous job gains in November and December were revised upwards by a total of 71,000.
Manufacturing employment rose by 19,000 in January, after gaining an average of 33,000 per month in 2022.
Average hourly earnings for all workers on private nonfarm payrolls rose by 0.3% to $33.03 in January. Over the past 12 months, average hourly earnings have increased by 4.4%.
The next employment report will be issued on March 10, 2023.
Tom Burnett CFA is Director of Research