U.S. hiring picked up in January much faster than expected with 225,000 new jobs being created according to data released by the Labor Department
WASHINGTON - U.S. job growth accelerated in January, with unseasonably mild temperatures boosting hiring in weather-sensitive sectors, indicating the economy will probably continue to grow moderately despite a deepening slump in business investment.
Nonfarm payrolls increased by 225,000 jobs last month, with employment at construction sites increasing by the most in a year amid milder-than-normal temperatures, the government’s survey of establishments showed. There were also strong gains in hiring in the transportation and warehousing industry. The downward revision in the level of employment suggests the government’s birth-death model, which it uses to calculate the net number of jobs from new business and closings, is faulty. Economists say payrolls have tended to be overstated when the trend in growth is weakening.Job gains in February 2019 were slashed down to 1,000 from the originally estimated 56,000.
The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose two-tenths of a percentage point to 63.4% last month, the highest since June 2013.
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