(KNSI) – The U.S. economy added 467,000 jobs in January, according to the jobs report released Friday morning.
The Department of Labor also adjusted the jobs total for the November and December report, adding 700,000 more jobs at the end of 2021 than previously estimated.
The highest growth industries in January were the leisure and hospitality sector, adding 151,000 jobs in January. Professional and business services added 86,000 jobs followed by transportation and warehousing adding 54,000 new jobs.
Average hourly earnings increased by $0.23 on the month to $31.63. That’s up 5.7% over last year. The labor market’s participation rate was set at 62.2%, up from 61.9% in December’s report.
The unemployment rate rose slightly in January to 4%, up from 3.9% in December.
Market watchers suggest this will give the Federal Reserve more reasons to raise interest rates in 2022. Eileen Theisen of Envision Capitol in St. Cloud tells KNSI that a three-quarter percent increase in mortgage rates would mean an increase of an estimated $166 per month in interest for someone looking to buy a $350,000 home.
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