The U.S. economy added 467,000 new jobs in January, topping the market estimate of 150,000, new Bureau of Labor Statistics (BLS) data show. The unemployment rate edged up to 4 percent, up from 3.9 percent from December. It also matched the median expectation. The labor force participation rate advanced to 62.2 percent, average hourly earnings surged at an annualized rate of 5.7 percent, and average weekly hours slipped to 34.5. Employment gains were concentrated in three sectors: leisure and hospitality (151,000), professional and business services (86,000), and retail trade (61,000). Construction, financial activities, information, manufacturing, and mining labor numbers were little changed. The Labor Department also revised job gains upward for November and December last year by more than 700,000. December jobs growth was revised from 199,000 to 510,000 and November job gains increased to 647,000 from the previously reported 249,000. “Today’s employment data show strong growth in jobs for …
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