U.S. job growth accelerated in January, with mild temperatures boosting hiring in weather-sensitive sectors
WASHINGTON - U.S. job growth accelerated in January, with unseasonably mild temperatures boosting hiring in weather-sensitive sectors, indicating the economy will probably continue to grow moderately despite a deepening slump in business investment.
The Labor Department’s closely watched monthly employment report on Friday, however, showed the economy created 514,000 fewer jobs between April 2018 and March 2019 than originally estimated. “Strong job creation in January provided reassurance that the record-long economic expansion still has room to run,” said Lydia Boussour, a senior U.S. economist at Oxford Economics in New York. “But this latest health report also points to a maturing labor market, with benchmark revisions showing it isn’t as youthful as it has pretended to be over the last two years.”
Economists polled by Reuters had forecast payrolls would rise by 160,000 jobs in January. Some said the unusually warm weather was likely throwing off the model the government uses to strip out seasonal fluctuations from the data, juicing the numbers. With the coronavirus hitting the Chinese economy hard, U.S. payrolls growth could slow in the coming months.
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