America's Credit Unions' Economist Comments on January 2024 Jobs Report

Dawit Kebede

"The U.S. economy added 353,000 jobs in January, almost twice the size of consensus expectation. Upward revisions for the previous two months and annual seasonal adjustment by the Bureau of Labor and Statistics for last year also indicate that the labor market was stronger than previously reported. Average hourly earnings increased by 4.5% year-over-year, indicating positive real wage growth that will support consumer spending and economic growth. However, the wage increase is higher than the equilibrium point consistent with a 2% inflation target."
​-- America's Credit Unions Senior Economist Dawit Kebede

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