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Saturday, February 3rd, 2024

U.S. economy added 353,000 jobs in January, much better than expected

Author:     Jeff Cox
Source:     CNBC
Publication Date:     FRI, FEB 2 2024 | 11:33 AM EST
 Link: U.S. economy added 353,000 jobs in January, much better than expected
Stephan:  

I was really struck by the power of misinformation on social media. I watched a series of interviews with young Black men who were asked whether they favored criminal Trump or President Biden. A surprising number favored Trump. How could any Black person favor Trump, I thought? He is a blatant racist who did nothing for anyone but privileged Whites. When they were asked why they had made this decision they responded with the most ignorant nonsense, about how Biden had done nothing to help Black people, or them personally, and how Trump would be better for the economy. Listening to them I realized they were poorly educated, confirming for me what the Republicans are doing to public education. But worse that what they did know was misinformation garnered from social media. It was, for me, another confirmation that social media has become a curse in America. The weaponization of lies is destroying our culture, and politicians are doing nothing about this because they use this weaponization to serve their interests and keep themselves in power.

KEY POINTS

  • Nonfarm payrolls expanded by 353,000 for the month, better than the Dow Jones estimate for 185,000. The unemployment rate held at 3.7%, against the estimate for 3.8%.
  • Average hourly earnings increased 0.6%, double the monthly estimate. On a year-over-year basis, wages jumped 4.5%, well above the 4.1% forecast.
  • Job growth was widespread in January, led by professional and business services with 74,000. Other significant contributors included health care (70,000) and retail trade (45,000).

Job growth posted a surprisingly strong increase in January, demonstrating again that the U.S. labor market is solid and poised to support broader economic growth.

Nonfarm payrolls expanded by 353,000 for the month, much better than the Dow Jones estimate for 185,000, the Labor Department’s Bureau of Labor Statistics reported Friday. The unemployment rate held at 3.7%, against the estimate for 3.8%.

Wage growth also showed strength, as average hourly earnings increased 0.6%, double the monthly estimate. On a year-over-year basis, wages jumped 4.5%, well above the 4.1% forecast. The wage gains came amid a decline in average hours worked, down to 34.1, or […]

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2 Comments

  1. Sam Crespi on Saturday, February 3, 2024 at 5:41 am

    Another example of the pandemic where the dark side of mind control infiltrates and sets up shop..

  2. Nate G on Sunday, February 4, 2024 at 5:46 am

    As is normal with every jobs report nowhere does it mention the number of “new jobs” that are in reality people who have to take second or third jobs just to survive. Those numbers are very difficult to find and paint a much more depressing picture about the state of human well-being. Just once I’d love to see a jobs report that includes real world statistics like the total amount of increased pollution per percent of GDP growth or the total decrease in hours of family time resulting from this months New Job Growth, or perhaps a chart of middle class wage increase per percent of GDP growth.