U.S. economy adds 225,000 jobs in January
The U.S. economy added 225,000 jobs in January, the government said on Friday, far above economists’ expectations of 161,000. The unemployment rate ticked up slightly to 3.6% — just above last month's 50-year low of 3.5%
The big picture: The result showcased the continued resiliency of the labor market, and the strong numbers are sure to be seized on by President Trump as he plots his course to re-election following his acquittal in the Senate's impeachment trial.
Worth noting: The report did include a significant revision, subtracting 514,000 jobs from the yearlong period ending March 2019.
- While that's not far off from the government's initial estimate, released in August, of a downward revision of 501,000 jobs, it could indicate that 2019 may not have been as strong of a year for the labor market as previously thought.
The state of play: The big gains this month could largely be the result of warmer weather this winter, Moody's Analytics chief economist Mark Zandi told Axios' Dion Rabouin, as job gains in this month's survey of the private sector by ADP were led by the leisure and hospitality industries.
- CNBC notes that January 2020 was the fifth-warmest month on record.