Non-farm payrolls slow after robust end to 2024, wage growth strong
By Alexander Bueso
Date: Friday 07 Feb 2025
(Sharecast News) - US hiring slowed by more than anticipated at the start of 2025, albeit after a sharp rise at the end of the previous year.
According to the US Department of Labor, in seasonally adjusted terms non-farm payrolls grew by 143,000 during the month of January.
That followed an upwardly revised gain of 307,000 for December.
The previous month's estimate had previously been put at 257,000.
Combined, November and December's tallies for payrolls were marked up by 100,000.
Average hourly earnings growth came in noticeably ahead of economists of forecasts at up by 0.5% month-on-month (consensus: 0.3%).
The rate of unemployment meanwhile, which is derived from a different survey than the payrolls figures, ticked lower by one tenth of a percentage point to 4.0%.
Worth noting, some economists had been anticipating that the adverse weather during the month would weigh down on payrolls growth.
"January's strong US employment report supports our view that the Fed will stay on the sidelines during the rest of 2025, as well as our forecast that the 10-year Treasury yield will end the year higher," said Joe Maher, assistant economist at Capital Economics.
Analysts at ING chipped in saying: "There are still lingering concerns about the quality of jobs being added, but an improving trend in jobs creation since late summer means the Fed will hold rates until 3Q."
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