Overview
- Nonfarm payrolls rose by 130,000 in January, topping the Reuters forecast of 70,000.
- The unemployment rate ticked down to 4.3%, a 0.1 percentage-point improvement from December.
- Job gains were concentrated in healthcare (+82,000) and construction (+33,000), with manufacturing up only 5,000.
- Separately, companies announced 108,435 job cuts in January, more than double a year earlier and the highest January total since 2009, citing contract expirations and market or economic conditions.
- The stronger-than-expected hiring alongside elevated layoff plans led market watchers and at least one Fed policymaker to emphasize keeping rates on hold for now.