As recession fears mount, US job growth without warning surges


Cheryl cassone down industrial is now down 250. what can you tell us all right 517 000 jobs were added 517 000 jobs were added uh we're looking at an incredible amount right now um yeah all right that's a blockbuster number 60.4 is what Emmy what are you telling.

Labor force participation 60.4 let me go through the numbers right now okay the jobless rate coming in at 3.4 percent so the jobless rate is coming in uh weaker than expected the estimate was for 3.6 percent the rate coming in at 3.4 percent but again I got to go back to that non-farm number holy cow 517 000 jobs out of the estimate was 180 5 000.

Labor force participation rate 62.4 which is a little bit better than we saw the month before average hourly earnings all private workers point three percent point three percent that was in line with expectations uh all private workers hours 34.7 34.7 so that's a little bit stronger than we were expecting here.

Government jobs seventy four thousand factory jobs nineteen thousand private sector jobs 443 000 private sector jobs guys the estimate was a hundred and ninety seven thousand that is just an incredible number to be clear here so going through some of the numbers I'm going to go.

Through the breakdown and give you everything I know y'all are looking at leisure and Hospitality I'm going to get to that in a second but again 517 000 jobs added 3.4 percent is the unemployment rate that is less than the expectation of 3.6 percent and that is actually uh less than what we had for the month of December manufacturing jobs.

19 000 the estimate was six thousand private payroll has got to reiterate this 443 000 jobs the estimate was 190. average earnings month over month in line 0.3 percent average earnings year over year A Little Bit Stronger 4.4 percent not less more that's interesting Steve Moore I'm looking over at you and again.

Average work week hours 34.7 the estimate was 34.3 government job seventy four thousand and reiterating labor force participation 62.4 now let's get into the actual report and give you a further breakdown of what we're saying as far as where the jobs were created and what the government is saying because I really.

Would like to know know as well folks all right what they are saying here Leisure and Hospitality was a gainer in the report professional and business services again for the report Health Care again for the report these are the factors that the government tells us is what really drove the numbers they're also saying as far as government that a.

Lot of it was Return of workers from a strike that is what the government is saying again you've got two monthly surveys the household survey in particular as well if you move into where the actual jobs were created Leisure and Hospitality that was a strong one 128 000 jobs were created just in Leisure and hospitality.

And that was only 89 000 in December okay Food Services drinking places 99 000 jobs accommodation hotels forty one thousand excuse me no going back to them sorry accommodation that also was 15 000 jobs uh so Leisure and Hospitality I'm going to send it back to you because I want to go through more of.

This report but Leisure and hospitality is Leisure hospitality is still below pre-pandemic levels but it is still a big piece of the gains that we saw and I got to go back to that Health Care number 58 000 for Health Care ambulatory Services nursing 17 000 construction 25 000. uh Transportation warehousing.

Twenty three thousand I'm going to send it back to y'all but again this is what a surprise that's all I can say what a surprise

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3 thoughts on “As recession fears mount, US job growth without warning surges

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