Nonfarm payrolls grew by 271,000 in January, continuing the fourth quarter's string of vigorous increases. The gain was broad-based, with every major sector of the economy adding to it's payrolls. Services continued to expand as a fraction of total employment, while manufacturing advanced a solid 2.1% on an annual basis. Strong growth in business services was led by continued expansion of the nation's temporary help agencies.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-02, pp. 10, 02.01.1997.