• For context, in 2023 an average of 244,000 jobs were created each month.

Why it matters: U.S. businesses have kept the economy strong in a challenging environment.

Details:

• Wages rose by 0.6% in January and by 4.7% compared to January 2023.
• Labor force participation was steady.

Looking ahead: The strong labor market will make it harder for the Federal Reserve to lower interest rates for fear of reigniting inflation.