U.S. Payrolls Rose by 130,000 in January, Unemployment Rate Holds at 4.3%

U.S. job growth was steady in January as total nonfarm payrolls rose by 130,000, while the unemployment rate held at 4.3%, with 7.4 million people unemployed. According to the Bureau of Labor Statistics, the rate was higher than a year earlier, when it stood at 4.0% and 6.9 million people were jobless. Health care led hiring with 82,000 new jobs, followed by social assistance with 42,000 and construction with 33,000. Meanwhile, federal government employment fell by 34,000, and financial activities dropped by 22,000. Average hourly earnings rose by 15 cents to $37.17, up 3.7% over the year, while the average workweek edged up to 34.3 hours. Long term unemployment remained at 1.8 million people.