Share"The number of unemployed declined by 35,000 in January, bringing the unemployment rate down to 4.0%. In one measure, payroll jobs rose by 143,000, which is based on company responses and is a bit light. In alternative measures, by asking people directly about their employment status, job additions rose by a whopping 2.7 million in a single month.
The impact and interpretation do not differ that much. Both measures show roughly 2 million job gains over the 12-month cycle, which is a healthy economic expansion condition. The high stock market is implying further expansion of factories and hiring.
Wages are rising across the board to account for rising consumer price inflation and extra productivity. The construction industry needs workers, who are paid $39.07 per hour, compared to $22 in hotel and $25 in retail trade. The impact of the worker shortage due to deportation can be alleviated if combined with boosting temporary work visas and getting more Americans into trade schools."
