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United States Unemployment January 2021

United States: Labor market continues to tighten in January

Total non-farm payrolls increased by 467,000 in January, following December’s 510,000 increase in payrolls. Employment gains occurred in professional and business services, and leisure and hospitality.

The unemployment rate ticked up slightly to 4.0% in January from 3.9% in December, while the labor force participation rate increased to 62.2% in January—the highest level since March 2020—up from December’s 61.9%. Hourly earnings rose 0.7% month-on-month in January (December: +0.5% mom), while annual wage growth rose to 5.7% from 5.0% in December.

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