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News & Press: Industry

Payrolls Surge by 304,000, Smashing Estimates Despite Government Shutdown

Friday, February 1, 2019   (0 Comments)
Posted by: Alyce Ryan
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  • Job growth in January shattered expectations, with nonfarm payrolls surging by 304,000, the Labor Department says.
  • Economists surveyed by Dow Jones had expected payrolls to rise by 170,000.
  • There were revisions. December's big initially reported gain of 312,000 was knocked all the way down to 222,000, while November's rose from 176,000 to 196,000.
  • The unemployment rate ticked higher to 4 percent, a level where it had last been in June, a likely effect of the shutdown, according to the department.

Job growth in January shattered expectations, with nonfarm payrolls surging by 304,000 despite a partial government shutdown that was the longest in history, the Labor Department reported Friday.

The unemployment rate ticked higher to 4 percent, a level where it had last been in June, a likely effect of the shutdown, according to the department. However, officials said federal workers generally were counted as employed during the period because they received pay during the survey week of Jan. 12. On balance, federal government employment actually rose by 1,000.

Economists surveyed by Dow Jones had expected payrolls to rise by 170,000 and the unemployment rate to hold steady at 3.9 percent.

Read Full Article on CNBC