Economic data released in the US on Friday showed the economy added 49,000 jobs in January and the unemployment rate fell to 6.3% from 6.7%. Wells Fargo Analysts They explained that the report contained widespread weakness, but they are optimistic about the future and expect hiring to strengthen in the coming months.
Key statements:
“In an improved tone, the unemployment rate fell from 6.7% to 6.3%. The January data included new population controls, but the historical data was not revised. However, the adjustment of the new controls shows that the fall in the unemployment rate was driven by considerable increases both in the number of people employed and in leaving the labor force. “
“Establishment survey reviews show that the job market is starting on an even weaker base this year. While there is still a lot of ground to recover, we expect the job market recovery to get back on track soon. Vaccines are on the rise and the additional tax relief should support employment directly through business aid and indirectly through aid to households. “
“As health problems diminish along with the pandemic, we expect stronger hiring conditions to bring workers back into the job market and the participation rate to resume its recovery later this year.”
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