January Jobs Report: U.S. Added 353,000 Jobs

WASHINGTON D.C. – The U.S. Department of Labor says employers added a stunning 353,000 jobs during the first month of 2024.

The overall unemployment rate remains steady for a third-consecutive month at 3.7%.

“It looks like this economy, this job market in any event, is holding very, very strong,” Washington Post’s Catherine Rampell said.

Professional and business services led the way in January, adding 74,000 jobs. Health care added 70,000 jobs, and the retail sector added 45,000 jobs. 

It is a reflection of consumer confidence and shoppers willing to head out and spend, even as interest rates remain at a 23-year high amid the federal reserve’s efforts to tame inflation. 

On Wednesday, Chairman Jerome Powell said they need more data before they cut rates.

“We’re looking for greater confidence that inflation is moving sustainably down to two percent. Implicitly, we do have confidence, and it has been increasing. But we want to get greater confidence… We want to see more good data.”

A new report from outplacement firm Challenger, Gray and Christmas released Thursday, noting a jump in January layoffs led by the tech and finance sectors.

Overall, a separate report from the labor department this week found more than nine million job openings for job seekers in December.