Summary
- It was reported that U.S. non-farm jobs increased by 143,000 in January, falling short of expectations.
- The U.S. unemployment rate decreased to 4.0%, slightly below the expert forecast of 4.1%.
- Goldman Sachs predicted that the pace of interest rate cuts might slow down due to the slowdown in job growth.
In the United States, only 143,000 non-farm jobs were created in January, which was less than expected. However, the unemployment rate for January was 4%, down from 4.1% the previous month.
The U.S. Department of Labor announced on the 7th (local time) that non-farm jobs in the U.S. increased by 143,000 in January compared to the previous month. This falls short of last year's average monthly job growth of 166,000 and also below the Dow Jones' expert forecast of 169,000.
The job increase in January was mainly concentrated in the healthcare (44,000), retail (34,000), and government (32,000) sectors. Additionally, 22,000 jobs were added in the social welfare sector, but 8,000 jobs were lost in the mining-related industries.
The unemployment rate decreased to 4.0% from 4.1% the previous month, slightly below expert expectations of 4.1%. The 'U-6' unemployment rate, which includes involuntary part-time workers, remained at 7.5%.
Some had expected that "the impact of the California wildfires would reduce job growth," but it was not a clear downward trend. The U.S. Department of Labor stated, "The wildfires did not have a noticeable impact on employment statistics."
Although the increase in business jobs in January fell short of expectations, it is expected that the Federal Reserve will not significantly change its stance at the March policy board meeting. Goldman Sachs predicted, "Although job growth has slowed, it remains solid, and the pace of interest rate cuts may be somewhat delayed."
Reporter Kim Dong-hyun 3code@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
