The first jobs report of 2020 has been released and kicking off the new year with a bang. January saw a jobs gain of 225,000, going above and beyond initial Wall Street estimates. Along with these gains came an increase in unemployment, but according to CNBC, that’s actually a good thing.
“The unemployment rate ticked higher to 3.6%, but for the right reason as the labor force participation rate increased 0.2 percentage points to 63.4%, matching its highest level since June 2013, according to data released Friday by the Labor Department.” More Americans are jumping back into the job pool and are less discouraged about the types of jobs being offered right now.
Another positive? Wages seem to be on the rise. “Average hourly earnings rose 3.1% over a year ago to $28.44, ahead of estimates for 3% growth. That marked 18 consecutive months of wage gains above 3%, as the initially reported 2.9% for December was revised up to 3%,” according to that same CNBC report.
An overall strong report for start of a new decade. See our infographic below to learn more about the state of employment: