January Jobs Report Shows Hiring Surge, Low Unemployment
353,000
In January, employers added a robust 353,000 jobs, surpassing economists' expectations of 185,000. The unemployment rate remained steady at a low 3.7%, underscoring the resilience of the labor market despite economic challenges. These figures highlight the strong performance driven by significant increases in health care and professional services, alongside notable revisions in job gains for November and December.
82,307
In January, announced layoffs in the US surged to 82,307 - the highest level in 10 months, particularly notable in the financial and technology sectors undergoing restructuring. Job cuts in the financial industry more than doubled from the previous year, totaling 23,238. Companies like Amazon and Microsoft mentioned factors such as potential policy changes and automation driving the layoffs.
9M
December data from the U.S. Bureau of Labor Statistics reveals stable job dynamics, with job openings holding steady at 9.0 million, while hires and separations showed little change at 5.6 million and 5.4 million, respectively. Notably, quits remained at 3.4 million, indicating stability in the workforce's willingness to leave jobs voluntarily.
74,000
In January, the U.S. Bureau of Labor Statistics reported robust job gains across multiple sectors. Professional and business services led with 74,000 jobs added, followed by health care (70,000), retail (45,000), social assistance (30,000), and manufacturing (23,000). Additionally, federal, state, and local governments collectively added 36,000 jobs. These numbers highlight the diverse range of industries contributing to job growth in the United States, particularly showcasing strength in services and healthcare sectors.
10%
Snap, parent company of Snapchat, will cut 10% of its global workforce amid a broader tech industry trend of layoffs. Despite this, January saw robust job growth with 353,000 new jobs and a steady 3.7% unemployment rate. Snap foresees pre-tax charges of $55-75 million for severance, as its workforce stood at over 5,300 employees.