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U.S. adds 467,000 jobs in January, higher than forecasts
Research - FEBRUARY 4, 2022

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U.S. adds 467,000 jobs in January, higher than forecasts

by Loretta Clodfelter

The U.S. economy added 467,000 jobs in January — ahead of expectations — and the unemployment rate was 4.0 percent, according to the Bureau of Labor Statistics. In addition, the job gains in November and December were revised up substantially, to 647,000 and 510,000, respectively.

According to Toby Sturgeon, global head of fiduciary investment services at ZEDRA, “the January number exceeded that of even the most optimistic commentator,” and the rise in payrolls increases pressure on the Federal Reserve to raise the federal funds rate by 50 basis points at the Federal Open Market Committee meeting in March.

By employment category, the biggest gains were in leisure and hospitality (151,000 jobs), professional and business services (86,000 jobs), retail trade (61,000 jobs), and transportation and warehousing (54,000 jobs).

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