U.S. job growth accelerates in January
The U.S economy expanded at a faster-than-expected gain in jobs by 227,000 in January, which gives the Trump administration a head start as it seeks to boost the economy and employment.
Analyst surveyed by Reuters expected a job growth of 175,000 this month, and the unemployment rate rose slightly 4.8 per cent from 4.7 per cent in December. The Associated Press reported that the percentage of U.S. adults employed or looking for work hit its highest level since September.
Full time jobs surged, while part-time positions plunged. However, average hourly earnings increased by only 0.1% last month.
President Donald Trump vowed during last year’s election campaign to increase infrastructure spending and renegotiate trade deals in U.S favor, and threatened to place tariffs on goods imported into the U.S. from Mexico.
During the early days in this week, the U.S Federal Reserve kept its benchmark interest rate unchanged. The central bank sounded a more optimistic tone on the state of the economy.