The U.S. economy added 467,000 new jobs in January, topping the market estimate of 150,000, new Bureau of Labor Statistics (BLS) data show. The unemployment rate edged up to 4 percent, up from 3.9 percent from December. It also matched the median expectation. The labor force participation rate advanced to 62.2 percent, average hourly earnings surged at an annualized rate of 5.7 percent, and average weekly hours slipped to 34.5. Employment gains were concentrated in three sectors: leisure and hospitality (151,000), professional and business services (86,000), and retail trade (61,000). Construction, financial activities, information, manufacturing, and mining labor numbers were little changed. The official payroll numbers came after a weak private sector employment report on Feb. 2, reflecting some of the worries in the jobs market. Private payrolls fell unexpectedly by 301,000 for January in the ADP National Employment report, well below the market estimate for a 207,000 gain. This …
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