US job growth is likely to have remained robust in the first month of the year as the labor market was swept away by the Federal Reserve’s anti-inflationary monetary tightening.
The Department of Labor will release its monthly jobs report for January at 8:30 a.m. ET on Friday. Here are Wall Street’s expectations for the report, according to data from Bloomberg:
Payslips excluding agriculture: +190k expected vs +223k in December
unemployment rate: 3.6% expected vs. 3.5% in December
Average hourly earnings, month by month: +0.3% expected against +0.3% in December
Average hourly earnings over a year: +4.3% expected vs +4.6% in December
Overall job gains have slowed in recent months, but hiring remains resilient despite Fed efforts to contain a strong labor market that has put upward pressure on wages and contributed to inflation tenacious.
Tightening employment remains a key element of the Fed’s anti-inflationary efforts.
“Although the pace of job growth has slowed over the past year and nominal wage growth has shown signs of slowing, the labor market has remained unbalanced,” Chairman Jerome Powell said in a statement. a speech on Wednesday. “Reducing inflation will likely require a period of below-trend growth and some easing of labor market conditions.”
This post will be updated.
Jerome Powell, Chairman of the Federal Reserve Board, speaks during a news conference February 1, 2023 in Washington, DC. (Photo by Kevin Dietsch/Getty Images)
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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