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US job growth accelerates in January, but wages lag

Stocks on Wall Street ended higher, with the S&P 500 index just shy of its record peak

Reuters  |  Washinton 

US job growth surged more than expected in January as construction firms and retailers ramped up hiring, but wages barely rose, handing the Trump administration both a head start and a challenge as it seeks to boost the economy. Nonfarm payrolls increased by 227,000 jobs, the largest gain in four months, the Labor Department said on Friday. The unemployment rate, however, rose one-tenth of a per centage point to 4.8 per cent and wages increased by only three cents, suggesting that there was still some slack in the labour market. Still, the labour market is tightening and could ...

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First Published: Sat, February 04 2017. 05:02 IST