January 2024 Employment Report

In January, nonfarm payrolls increased by 353,000, exceeding industry expectations. The U.S. has now added jobs for 37 consecutive months. The unemployment rate was unchanged at 3.7% for the third month in a row, which is historically low. Of those who are unemployed, 37.8% have been unemployed for less than 5 weeks. Since 1948, the unemployment rate has averaged 5.7%.

Average nonfarm hourly wages in January 2024 increased by .6% to $34.55. Over the past 12 months, average hourly earnings have increased by 4.5%. Within the Trade, Transportation, and Utilities subcategory, average hourly wages in January were $29.74, up 1% year-over-year.

Additional employment and wage data are available from the Bureau of Labor Statistics. Both NPGA and PERC have a variety of workforce tools to make attracting and retaining employees easier. Additional tools and resources for members can be accessed on the Workforce section of NPGA’s website. One such tool marketers can use to assist in recruiting is the NPGA Registered Apprenticeship Program.

For more information, contact NPGA’s Senior Manager of State Association Relations, Eric Sears.