The January 2025 Jobs Report saw the unemployment rate edge down to 4.0% from 4.1% the month prior. According to the most recent report released by the Bureau of Labor Statistics (BLS), non-farm payrolls increased by 143,000. The number of unemployed people decreased slightly to 6.8 million in January compared to 6.9 million in December.
The unemployment rate for college-degreed professionals 25 years and older decreased slightly from 2.4% in December to 2.3% in January. Unemployment with job seekers with some college or an associate degree remained unchanged at 3.5%.
Health care, retail trade, and social assistance saw notable job gains.
Jobs added by industry:
- Health Care: 44,000 jobs added
- Retail Trade: 34,000 jobs added
- Social Assistance: 22,000 jobs added
Wage growth rose more than expected: 17 cents in January 2025
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 17 cents or 0.5% to $35.87. Over the past 12 months, average hourly earnings have increased by 4.1%.
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Sources: BLS, CNBC
