Head Topics

US job growth accelerates in January

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 61%

Ireland Headlines News

US job growth accelerated sharply in January amid a persistently resilient labor market, but a further moderation in wage gains should give the Federal Reserve some comfort in its fight against inflation.

The Labor Department's closely watched employment report's survey of establishments on Friday showed that nonfarm payrolls surged 517,000 jobs last month.

Average hourly earnings rose 0.3% after gaining 0.4% in December. That lowered the year-on-year increase in wages to 4.4% from 4.8% in December. With January's report, the Labor Department's Bureau of Labor Statistics published its annual payrolls"benchmark" revision and updated the formulas it uses to smooth the data for regular seasonal fluctuations in the establishment survey.

Fed Chair Jerome Powell told reporters on Wednesday that"the economy can return to 2% inflation without a really significant downturn or a really big increase in unemployment."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in İE

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Federal Reserve increases benchmark rate by a quarter of percentage pointUS central bank warns ‘ongoing increases’ will be needed to bring price pressures under control IrishTimes Fonden i USA har passerat nålsögat. 100.000 sek och upp.( via Luxemburg )
Source: IrishTimes - 🏆 3. / 98 Read more »

Record number of new electric cars sold in JanuaryNew electric car registrations reached their highest month on record in January, according to new figures from the Society of the Irish Motor Industry (SIMI).
Source: RTEbusiness - 🏆 16. / 61 Read more »

US weekly jobless claims fall, layoffs surge in JanuaryThe number of Americans filing new claims for unemployment benefits unexpectedly fell last week as the labor market remained resilient despite higher borrowing costs and mounting fears of a recession.
Source: RTEbusiness - 🏆 16. / 61 Read more »

€2.8bn surplus in public finances recorded in JanuaryThe public finances recorded a surplus in January of €2.8 billion, according to figures published this afternoon by the Department of Finance.
Source: RTEbusiness - 🏆 16. / 61 Read more »

More than 120,000 claims for new rent tax credit made in January“Of the returns already filed in January, approximately 360,000 resulted in an overpayment of tax and, as a result, €274 million has already been refunded to individuals’ bank accounts.”
Source: IrishTimes - 🏆 3. / 98 Read more »

Exchequer surplus of €2.8 billion recorded in year to the end of JanuaryOverall, tax receipts were €7.5 billion in January.
Source: thejournal_ie - 🏆 32. / 50 Read more »