The January 2019 Jobs Report was just released and it’s the furthest thing from blue. Over the month 304,000 jobs were added – a powerful demonstration that the economy isn’t quite ready to level out yet.
“January’s Job Report demonstrated the strength of the American economy, with 304,000 jobs added as private sector job creation continued to surge despite the partial government shutdown,”U.S. Secretary of Labor Acostasaid on February 1. “As the jobs and employment data normalizes over the coming months, we are confident the nation’s economy will continue to build on the strength seen in 2018 and the first report of 2019.”
This Job Report is especially impressive because it measures a time period where the government was shut down for almost the entirety of the month. In the past, government shutdowns often cause negative effects on the economy and a lack of job creation as funds everywhere are locked up. However, this January, the jobs market continued to grow, despite so many federal workers being furloughed. Unemployment rose slightly to 4%, but most commentators claim it’s not to cause worry – many furloughed government employees registered as temporarily unemployed during the month, causing the uptick.
In other good news, Manufacturing was once again, one of the industries showing the most growth. This demonstrated that the manufacturing bump from the last Jobs Report wasn’t a one-time improvement.
“It’s a great report – there’s no other way to say it. It’s the 100th straight month of job additions to the U.S. economy,”said Fox News Business commentator, Deirdre Bolton.
CNN Business reported: “Average hourly earnings rose 0.1% from January, which is slower than the last few months, but still 3.2% over the year — well above inflation. Workers have seen a streak of relatively robust gains as employers have had to pay more to attract them.”
Economists weighing in on the speedy growth of 2018 claim that we can expect slowdowns in 2019. However – we are off to a great start!
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