U.S. jobs and wages make largest annual gain in more than eight and a half years.
U.S. job growth surged in January and wages increased further, recording their largest annual gain in more than eight and a half years. This bolsters expectations that inflation will push higher as the labour market hits full employment.
The unemployment rate was unchanged at a 17-year low of 4.1 percent, with year-on-year increases in average hourly earnings at 2.9 percent.
But workers are starting to work less. The average workweek fell to 34.3 hours, the shortest in four months.
The robust employment report underscored the strong momentum in the economy, something that Donald Trump will surely be looking to capitalise on and raising the possibility that the Federal Reserve could be a bit more aggressive in raising interest rates this year. The U.S. central bank has forecast three rate increases this year after raising borrowing costs three times in 2017.