U.S. economy adds 227,000 jobs in January

By: 
Tom Hinde
Publisher

The U.S. economy continued to pick up steam in January. According to government data released earlier today, 227,000 jobs were added in January. January's number marks the 76th straight month of job growth. The unemployment rate ticked up to 4.8 percent, as more people joined the workforce to look for jobs. Wages rose 3 cents, following a 6-cent increase in December.

The retail, construction and financial industries accounted for much of the hiring last month. The Labor Department also revised its estimates for job creation in November and December, reducing the total number of jobs in those months by 39,000.

The Federal Reserve, during their January meeting, choose to leave the benchmark interest rate unchanged. Economists are predicting the central bank will make three rate increases in 2017.

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