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February 02, 2024US EMPLOYMENT, JANUARY 2024 Monthly change (January 2024 vs December 2023, seasonally adjusted)
US non-farm payroll employment increased 353,000 in January 2024, rising to 157.7 million persons.
The increase of 353,000 in US nonfarm payroll employment was faster than the growth of 333,000 reported for December 2023.
The US unemployment rate was stable at 3.7% in January 2024. Although the US unemployment rate has remained at or below 4% throughout 2022 and 2023, there has been a gradual rise since the beginning of 2023.
The US participation rate remained unchanged at 62.5%. The US participation rate has been rising slowly since 2021, but remains below levels observed prior to the pandemic.
The US employment to population ratio increased 0.1 percentage points to 60.2% in January 2024. As with the participation rate, the US employment rate has not yet returned to pre-pandemic levels despite gains in the last 2-3 years.
Note: Canadian and US labour force statistics refer to different working-age cohorts.
Statistics Canada's Labour Force Survey results for January 2024 will be released on February 9, 2024.
Sources: US Bureau of Labor Statistics news release, Commissioner's Statement on the Employment Situation retrieved using FRED API from Federal Reserve Bank of St. Louis
Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle
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