The U.S. labor market started 2024 with the strongest jobs report in recent history by adding 353,000 jobs in January, far above the Dow Jones estimate of 185,000. In addition, November and December job gains were revised, adding a combined 126,000 more jobs to the 2023 year-end total. Job growth was widespread across sectors in January (e.g., health care, retail trade, government, social assistance, and manufacturing), showing a healthy market on solid ground. The unemployment rate remained at 3.7% for the 3rd consecutive month and under 4% for the 24th consecutive month.
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