Friday, February 7, 2020

BLOWOUT! JOBS SOAR
WAGES ACCELERATE!

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🇺🇸🇺🇸🇺🇸 The U.S. economy added 225,000 jobs in January and the unemployment rate ticked up to 3.6. Economists had expected the economy to add 160,000 jobs. December’s figure was revised up from 145,000 to 147,000. The unemployment rate edged up because the labor force participation rate increased, meaning the strong labor market drew more people into the workforce. The participation rate rose to 63.4 percent in January, the best rate since the last recession. The employment to population ratio for prime age workers rose to 80.6 percent, the highest since 2001. The Department of Labor said that notable job gains occurred in construction, in health care, and in transportation and warehousing. Construction employment was up by 44,000, which likely reflected the unusually warm weather in much of the country during the month. Manufacturing remained in slump territory, losing 12,000 positions for the month and remaining essentially unchanged year over year. Average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $28.44. Over the past 12 months, average hourly earnings have increased by 3.1 percent.

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🇺🇸🇺🇸🇺🇸 The New York Times reported Friday morning that African American workers are seeing their wages rise for the first time after a “decade of stagnation,” further evidence of the strength of the U.S. economy. The Times report came as the U.S. Bureau of Labor Statistics reported that the economy created 225,000 new jobs in January, smashing expectations. Unemployment ticked upward to 3.6% — but that was due to more workers entering the labor force, generating the highest labor force participation rate thus far in the recovery from the Great Recession. Average hourly wage gains also rose slightly year-on-year, to 3.1%. Black unemployment is near all-time lows, and now wages are climbing, the Times reported Friday.

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