Nonfarm payroll employment increased by 143,000 in January, slightly below 2024’s average monthly gain of 166,000, according to the latest report from the Bureau of Labor Statistics.
The report also included revisions in total employment for November (up by 49,000 to 261,000) and December (up by 51,000 to 307,000). This is a combined increase of 100,000 jobs compared to previously reported numbers.
Healthcare (+44,000), retail trade (+34,000), and government (+32,000) led job growth in January. Meanwhile, after a small increase in December, the number of jobs in temporary help services dropped by 12,000.
The unemployment rate inched down to 4.0% over the month, and 6.8 million people were unemployed. The labor force participation rate changed little at 62.6%.
183,000 jobs added to private sector
Private sector employers gained 183,000 jobs in January, with notable increases in trade, transportation, and utilities (+56,000) and leisure and hospitality (+54,000). But manufacturing employment continued its downward trend over the month with the loss of 13,000 jobs.
Year-over-year pay growth for job-stayers held steady at 4.7% in January, while pay growth for job-changers declined slightly to 6.8%.
