The US economy added a robust 257,000 new jobs in January as the unemployment rate for the month stood at 5.7 per cent, in a sign that the overall growth in the world’s largest economy remains firm.
With this, the private sector has added 11.8 million jobs over 59 straight months of job growth, extending the longest streak on record.
The latest official figures released today by the Labour Department showed the unemployment rate had edged up to 5.7 per cent from 5.6 per cent in December.
“America is poised for another strong year, and so it is critical to avoid brinkmanship and unnecessary austerity, and instead to make investments in our future growth,” Jason Furman, Chairman of the Council of Economic Advisers, said.
“That’s why earlier this week the President released a budget proposal that will help hardworking families make ends meet, while boosting America’s productivity and giving workers the tools they need to secure well-paying jobs in the 21st- century global economy,” he said.
The House Speaker John Boehner said it is always good news that more Americans are finding work.
“That said, we know millions are still struggling and searching for a good job,” he said.
“If the president is serious about helping the middle class, he’ll reconsider his threat to veto these bills and work with us to get these things done. Because Republicans are committed to growing America’s economy, not Washington’s bureaucracy, and this will continue to be our focus in the weeks to come,” Boehner said.
House Ways and Means Chairman Paul Ryan said the latest employment report is welcome news.
“Growing our economy and creating good jobs in this country must be our top priority. Still, this recovery is too fragile for far too many. And in the long-term unemployed there’s a lot of potential that we are still not tapping,” he said.
In its monthly report, Erica L Groshen, Commissioner, Bureau of Labour Statistics said nonfarm payroll employment increased by 257,000 in January, and the unemployment rate, at 5.7 per cent, was little changed.
“Job gains occurred in retail trade, construction, health care, financial activities, and manufacturing,” she said.