Statistic Breakdown: The United States Economy Surpasses Forecasts by Gaining More Than 350,000 Positions in January.

U.S. Economy Adds Over 350,000 Jobs in January, Exceeding Expectations

On February 5, 2024, the U.S. Labor Department’s Bureau of Labor Statistics reported that the U.S. economy added over 350,000 jobs in January, far surpassing expectations. This strong hiring trend was driven by a rise in consumer confidence and spending, indicating a healthy and growing economy.

The unemployment rate remained at 3.7 percent for the third consecutive month, marking two straight years of unemployment below 4 percent – the longest streak since the 1960s. This is a testament to the strength and stability of the U.S. economy. In total, 14.8 million jobs have been created under President Biden, with 3.1 million added in 2023 alone.

In addition to the impressive job numbers, the U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported a 3.3 percent increase in real gross domestic product (GDP) in the fourth quarter of 2023. This further demonstrates the robustness of the U.S. economy and its position as the strongest in the world.

Commerce Secretary Gina Raimondo stated, “Last week’s jobs report made it clear that the United States has the strongest economy in the world. This significant increase in jobs is a direct result of President Biden’s commitment to building an economy from the middle out and bottom up.”

Wages also saw a faster-than-expected increase in January, with average hourly pay rising 0.6 percent from December – the largest monthly gain in almost two years. On a year-over-year basis, wages jumped 4.5 percent, surpassing the forecasted 4.1 percent. This is a positive sign for American workers and their purchasing power.

In addition, consumer spending on both goods and services exceeded expectations in November and December, further indicating a strong and growing economy.

President Biden has made it a priority to create more American jobs and make smart economic investments to ensure U.S. competitiveness. As evidenced by the January jobs report, his economic agenda is working and benefiting the American people.

This is the first installment of our new series, “By the Numbers,” which highlights the Commerce Department’s economic indicators and their impact on the U.S. economy. Stay tuned for more updates on the state of the U.S. economy.  

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