WASHINGTON: US job creation surged in January while the unemployment rate drifted marginally higher as more people joined the job hunt, the Labor Department reported Friday. With hiring up in retail, construction and the financial sector, the economy added 227,000 net new nonfarm jobs during the month, the biggest jump since September. The jobless rate ticked up a tenth of a point to 4.8%, reflecting a small increase in the labour force. The result far surpassed a consensus forecast for 170,000 new positions, although economists have warned in recent days about a possible big upside surprise based on other recent labor indicators. The new figures, which include the first 11 days of Donald Trump’s presidency, largely confirm the health of the economy he inherited, which has seen a slow but steady recovery from the 2008 financial crisis.
Published in The Express Tribune, February 5th, 2017.
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