Crossmark Global Investments CEO and CIO Bob Doll will unimulate the state of the American economy on “Maria Bartiromo's Wall Street”.
The US economy has added jobs at a slower pace than expected in January, as the federal reserve system remains in a pattern for reducing interest rates because it evaluates the labor market and inflation data.
Work Department announced on Friday that employers Added 143,000 jobs In January under estimates of LSEG economists.
The Unemployment rate He lost 4%, lower than the expectations of economists.
The number of jobs added in the previous two months was revised, and the creation of jobs in November was revised by 49,000 of the profit of 212,000 to 261,000; While December was revised by 51,000 of the profit of 256,000 to 307,000. Altogether another 100,000 jobs were created in these two months than previously mentioned.
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The report on the January jobs came in colder than expected. (Allison Joyce / Bloomberg via Getty Images / Getty Images)
In January, 111,000 jobs, which is below 141,000 estimated LSEG economists, added the payroll documents of the private sector.
Wage growth was stronger than expected, while the average profit increased by 0.5% from the previous month and 4.1% a year ago. Those who load Economists' LSEG estimates by 0.3% growth monthly and 3.8% year -on -year.
The manufacturing sector In January, he saw an increase in employment with a modest 3,000 jobs, which came beyond the economists' expectations that this sector would deprive of 2,000 jobs per month.
The medical industry Added 43,700 jobs in January, driven by hiring in hospitals (+13 900), nursing and residential care (+13 200) and home health care (+10 600). The sector was below a diameter of 2024 of 57,000 jobs per month.
Retail Last month, 34,300 jobs with remarkable profits for retailers with general goods (+31 200) and furniture and home furniture retailers (+5 300), while retailers with electronics and consolidation recorded a decline (-7 000). Overall, the retail sector in 2024 had only a small net employment change.
In January, the government added 32,000 jobs – a number that was in line with the average monthly profit of 38,000 in 2024.
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Social assistance has added 22,300 jobs led by individual and family services (+20 100) with profits also in community food and housing, emergency and other auxiliary services (+4 400). The sector increased on average by 20,000 jobs per month last year.
Mining, hunting and oil and gas In January, the industry lost 7,700 jobs, with losses focusing on supporting activities of mining. In 2024 there was a small net change in this sector.
The degree of participation of labor has not changed to 62.6% after the annual adjustment of the population inspection carried out by the Labor Statistics Office (BLS).
The number of people considered long -term unemployed, defined as unemployment for 27 weeks or more, has changed to 1.4 million in January. The long -term unemployed represented 21.1% of all unemployed people.
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The number of part -time workers for economic reasons has not changed to 4.5 million. These workers would prefer full -time work, but worked part -time because their lessons were shortened or could not find a full -time job.
In January, more workers increased to 286,000 and represented 5.3% of the total labor force, which is the level that has changed in the last year.
January's employment report comes after Federal reserve He decided against the fourth consecutive reduction in interest rates at his meeting last week with uncertainty about the inflation and health of the labor market.
Federal Reserve System holds interest rates stable in inflation uncertainty
Fed Jerome Powell At his press conference after the meeting, he said that “a wide set of indicators suggests that the conditions on the labor market are generally in balance” and that while inflation remained somewhat increased, the labor market was not a source of significant inflation pressures.
“Lower than the expected January payout number was more than compensated by ascending revisions to the November and December sum and a decrease in unemployment rates,” said Ellen Zentner, chief economic strategist of Morgan Stanley Wealth Management. “Those who hoped for a soft message that would feed back to speed reduction regime didn't get it.”
Federal reserve chairman Jerome Powell said last week that the labor market at that time is not a source of significant inflation pressures. (Liu Jie / Xinhua via Getty Images / Getty Images)
Jeffrey Roach, the chief economist of LPL Financial, said that the report on the January jobs “can be considered a Goldilocks message – not too hot and not too cold”.
“In general, the demand for work last year was softer than originally reported, but this trend temporarily reversed in November and December. The unemployment rate at 4% is considered very low, which gives the Fed a reason for the federal funds not to change in the near future, ”Roach added.
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The next Fed meeting is scheduled for 18-19. March and markets responded to the January job report by strengthening the expectation that the central bank would leave rates unchanged.
The likelihood that the Benchmark Federal Fund rate remains in the current target range of 4.25% to 4.5% on Friday at 91.5%, according to CME Fedwatch by more than 84% per day.
