The U.S. Labor Department released the labour market data on Friday. The U.S. economy added 151,000 jobs in January, missing expectations for a rise of 190,000 jobs, after a gain of 262,000 jobs in December. December’s figure was revised down from a rise of 292,000 jobs.
Job creation slowed in January. That could mean that the Fed might delay its further interest rate hikes. The Fed hiked its interest rates by a 0.25% to between 0.25% and 0.50% in December.
The increase was partly driven by a rise in the private sector. The private sector added 158,000 jobs in January.
The manufacturing sector added 29,000 jobs in January, construction added 18,000, while mining sector shed 7,000 jobs.
The U.S. unemployment rate fell to 4.9% in January from 5.0% in December. It was the lowest level since February 2008. Analysts had expected the unemployment rate to remain unchanged at 5.0%.
Average hourly earnings climbed 0.5% in January, exceeding forecasts of a 0.3% gain, after a flat reading in December.
The labour-force participation rate increased to 62.7% in January from 62.6% in December.
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