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🦧 all about work
💼 on the first friday of each month
the us bureau of labor statistics released its monthly employment situation (for january) summary (aka "nonfarm payrolls) at 8:30am before market open today
"nonfarm" because it measures the number of workers in the us excluding those in farming, government, non-profits, etc.
✨ the highlights
jobs growth accelerated in january – 517k new jobs were added, exceeding market consensus (that was 185k) by a huge margin, and is almost double the +260k figure from december
these robust gains were led by sectors such as “leisure and hospitality, professional and business services, and health care”
unemployment rate edged down to 3.4%, lowest ever since 1969, and slightly better than expected (3.6%)
number of people not in the labor force who currently want a job was 5.3m, "little changed" from december
😐 the meh’s
average hourly wage has increased by 4.4% compared to twelve months ago
meh, because most recent reading on inflation (total cpi, annualized) came in about 6.5%, which is the classic story of “my wage isn’t catching up with inflation”
average workweek for those in private nonfarm payrolls rose by .3 hour to 34.7 hours
kathy bostjancic (chief economist at nationwide) says: "not only are you hiring more workers but the workers you have overall are working more hours. it doesn't really get stronger than that"
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💡 something im thinking about
california dmv might put car titles on the tezos blockchain soon (click image)