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U.S. Nonfarm Payrolls Up 517K in January, Unemployment Rate 3.4% -- Update

February 03, 2023 at 09:04 am EST

By David Harrison

U.S. hiring accelerated sharply to 517,000 jobs in January and the unemployment fell to 3.4%, the lowest rate in more than 53 years, the Labor Department said Friday.

Average hourly earnings grew 4.4% in January from a year earlier, down from a revised 4.8% in December, the Labor Department said Friday. Wage increases have been gradually slowing, suggesting employers are finding it easier to recruit new workers.

January's payroll gains were the largest since July 2022 and snapped a string of five straight months of slowing employment growth.

Payrolls grew in a broad range of sectors, including leisure and hospitality, professional and business services and healthcare. Government employment also increased as some workers returned from a strike. The average workweek rose to 34.7 hours, the highest since March 2022.

Write to David Harrison at david.harrison@wsj.com

(END) Dow Jones Newswires

02-03-23 0904ET

David Harrison

Mr. David W. Harrison is a Group Chief Executive Officer, Executive Director & Managing Director at Charter Hall Retail REIT, at Charter Hall Group, a Joint Managing Director & Executive Director at Charter Halls Fund Management Ltd., a Chief Executive Officer, Director & Managing Director at Charter Hall Long WALE REIT, a Director & Vice President at Property Council of Australia Ltd., a Group Chief Executive Officer & Executive Director at Charter Hall Ltd., a Managing Director at Charter Hall Holdings Pty Ltd., a Managing Director & Chief Executive Officer at Charter Hall Retail Management Ltd., a Managing Director & Group Chief Executive Officer at Charter Hall Property Securities Management Ltd., a Member at Australian Property Institute Ltd. and a Member at Male Champions of Change Ltd. He has over 31 years’ property market experience.
Mr. Harrison was previously employed as a Managing Director by Savills (Australia) Pty Ltd. He also served on the board at Charter Hall Office Management Ltd. and Charter Hall Office Trust.
He received his B.Bus (Land Economy), FAPI, GDipAppFin from University of Western Sydney.

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Property Council of Australia Ltd. Property Council of Australia Ltd. Financial ConglomeratesFinance Property Council of Australia Ltd. operates as a property council. It supports those who invest, own, manage and develop in all sectors of property, creating landmark projects and environments where people live, work, shop, and play. The company was founded in 1969 and is headquartered in Sydney, Australia.	President
CHARTER HALL RETAIL REIT	Chief Executive Officer

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