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US nonfarm payrolls up 517,000 in January

Nonfarm employment in the United States increased by 517,000 in January, data released by the country's Bureau of Labor Statistics showed on Friday.

The unemployment rate stood at 3.4%, down 0.1 percentage points from the previous month. The labor force participation rate rose by 0.1 percentage points to 62.4%. The workforce grew the most in the leisure and hospitality sector, with 128,000 jobs gained. Professional and business services sector employment increased by 82,000, followed by the government sector which added 74,000 jobs.

Average hourly earnings for all employees on private nonfarm payrolls rose by $0.10 from December 2022 to reach $33.03 in January 2023, representing a year-on-year increase of 4.4%.

Baha Breaking News (BBN) / MS