The U.S. economy added 200,000 jobs in January, according to the Bureau of Labor Statistics, keeping the unemployment rate at 4.1 percent.
The 4.1 percent unemployment rate matched the lowest unemployment level since 2000. Private-sector employment increased 196,000 jobs while public sector employment rose 4,000 from the prior month. The service sector added 139,000 of those jobs.
Further, average hourly earnings increased 9 cents to $26.74. In the last 12 months, wages are up 2.9 percent.
“The January jobs report was solid. The addition of 200,000 jobs is encouraging, although downward revisions to prior months are a mitigating factor,” Curt Long, chief economist at National Association of Federally Insured Credit Unions, said. “But the big news was a solid increase in wage growth to 2.9 percent, which is the high-water mark for the recovery. This provides even more ammunition for the Fed to raise rates next month.”
Rep. Erik Paulsen (R-MN), chairman of the Joint Economic Committee, said the report affirms that the economy is rising from its slow-growth trajectory.
“The Tax Cuts and Jobs Act, together with our ongoing efforts to improve the regulatory setting in America, should continue to strengthen the economy’s performance for the benefit of all Americans,” Paulsen said.
However, Sen. Martin Heinrich (D-NM), ranking member of the Joint Economic Committee, said the economic picture is not that rosy.
“Over the past year of the Trump administration, the president has done little to address the real economic challenges families face—and the little action he has taken will prove to be disastrous,” Heinrich said. “His tax scam legislation will stick future generations with an additional $1.5 trillion in debt and, when it is fully implemented, working families across the country will actually see a tax hike. Repeated attempts to sabotage health care have threatened the economic security and peace of mind of millions of Americans. And by abandoning Dreamers, he has put at risk the futures of hundreds of thousands of young Americans.”