Jobs and Wages Soar

Jobs and Wages Soar

( – In a positive sign for economic growth in 2020, US employers went on a hiring spree in January. The US jobs report was released on Friday morning, and it surged well above expectations. Wage gains also grew as average hourly earnings beat growth estimates.

Nonfarm payrolls rose to 225,000 — well above the 158,000 that was expected. The unemployment rate did rise slightly to 3.6% but it was for a good reason… more people started searching for jobs. The labor force participation rate increased to 63.4% — the highest since June 2013.

In more good news for US workers, average hourly earnings rose to $28.44. That’s 3.1% higher than January 2019. Wages have increased for 18 consecutive months above 3%.

~Here’s to Your Prosperity!

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