DAYTON, Ohio (WDTN) — The U.S. job market is growing at the start of the year.
In a report from the U.S. Labor Department released on Friday, February 2, it was announced the economy added nearly 353,000 jobs. This report showed job gains at nearly twice the number that economists had predicted.
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In the first month of 2024, data shows hiring and wage growth were both strong. This comes as the unemployment rate for the U.S. sits at 3.7%.
Just a few days ago, the Federal Reserve announced they were holding their benchmark interest rates steady — there haven’t been any increases since July.
Data also shows the unemployment rate has been below 4% for two straight years, which is the longest streak since the 1960s.
And wages year after year were up 4.5% which experts say is good for people getting that average pay increase.