Key Takeaways:

  • The labor market is adding more jobs than expected.
  • The unemployment rate has stayed consistent. 
  • There are growing positions in the business market.

Strong job growth continues to trend as we enter 2024. This is good news for the American economy after a hard few years of inflation and the cost of living on the rise. 

According to the U.S. Labor Department’s job report for January 2024, employers added 353,000 jobs and the unemployment rate remains at 3.7%. These numbers are almost double what Dow Jones predicted of 185,000 new jobs and a 3.8% unemployment rate. It seems that the job market gets harder to predict every month for economists. Business positions are on the rise, followed by healthcare and government jobs.

Stay tuned for more valuable data insights and predictions for WageScape. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the February pre-job report.