The January 2023 Jobs Report saw the unemployment rate edge down slightly to 3.4% from 3.5% in December. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 517,000 and the number of unemployed people remained unchanged at 5.7 million.
We are seeing the lowest jobless level since May 1969.
Employment is seeing its biggest gain since July 2022. Unemployment was estimated to be 3.6% for this month. Leisure and hospitality, professional and business services, health care, and government saw notable job gains in January.
The unemployment rate for college-degreed professionals 25 years and older saw a slight uptick from 1.9% in December to 2.0% in January. Job seekers with some college or an associate degree saw no change in unemployment with the rate being at 2.9% in January.
Jobs added by industry:
- Leisure and Hospitality: 128,000 jobs added
- Professional and Business Services: 82,000 jobs added
- Government: 74,000 jobs added
- Health Care: 58,000 jobs added
- Retail Trade: 30,000 jobs added
- Construction: 25,000 jobs added
- Transportation and Warehousing: 23,000 jobs added
Wage growth rose by 10 cents in January 2023
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents or 0.3% to $33.83. Over the past 12 months, average hourly earnings have increased by 4.4%.
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Sources: BLS, CNBC
