US employers added back more jobs than expected in January, even as Omicron variant cases increased at the start of 2022.
Source: US Bureau of Labor Statistics
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Non-farm payrolls increased by 476,000 jobs in January, beating the market consensus estimates of 125,000 jobs. But the figure was lower than the revised 510,000 jobs added in December.
The unemployment rate increased slightly to 4.0% in January against a market consensus estimate of 3.9%. The unemployment rate was higher than 3.9% reported in December.
Average hourly wages also expanded more than expected in January. On a year-over-year basis, average hourly earnings grew by 5.7%. On a month-over-month basis, average hourly earnings grew by 0.7%.
Job growth still held up more robustly than expected at the start of the year. Payrolls gains for December were upwardly revised, further signaling the momentum in the labor market.