US Economy Added 353,000 Jobs in January

US Economy Added 353,000 Jobs in January

US Economy , Added 353,000 Jobs in January.

According to the Labor Department's Bureau of Labor Statistics, nonfarm payrolls grew by 353,000 in January.

That number exceeded the Dow Jones estimate of 185,000, CNBC reports.

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The unemployment rate stayed at 3.7%.

Average hourly earnings rose 0.6%, twice as much as the monthly estimate.

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Year-over-year, earnings jumped 4.5%, which was also above the forecast of 4.1%.

The wage gains occurred as average hours worked declined, dipping to 34.1.

Professional and business services posted the most job growth for January with 74,000 positions.

Health care, retail trade, government, social assistance and manufacturing were also significant contributors.

Health care, retail trade, government, social assistance and manufacturing were also significant contributors.

Health care, retail trade, government, social assistance and manufacturing were also significant contributors.

The report, while showcasing the resilience of the American economy, .

Could prompt questions about the Federal Reserve's timeline for lowering interest rates, CNBC reports.

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Benchmark short-term borrowing costs were kept in place earlier this week, with the Fed indicating that inflation must show more signs of cooling.