2019.02.0108:41:00UTC+00U.S. Employment Jumps Much More Than Expected In January

A closely watched report released by the Labor Department on Friday showed employment in the U.S. jumped by much more than expected in the month of January, although the report also showed a substantial downward revision to the pace of job growth in December.

The Labor Department said non-farm payroll employment surged up by 304,000 jobs in January compared to economist estimates for an increase of about 165,000 jobs.

However, the report also showed the spike in employment in the previous month was downwardly revised to 222,000 jobs from the initially reported 312,000 jobs.

The Labor Department also said the unemployment rate unexpectedly inched up to 4.0 percent in January from 3.9 percent in December. Economists had expected the unemployment rate to be unchanged.

Meanwhile, the report said average hourly employee earnings rose by 3 cents to $27.56 in January, reflecting a 3.2 percent increase compared to the same month a year ago.