The U.S. employment situation was exceptionally strong again in January, as the economy continued to generate jobs for a rapidly expanding labor force. Nonfarm payrolls increased by 358,000, compared with an average monthly gain of 267,000 in 1997. The construction industry added 92,000 workers, the largest rise in nearly two years. This strength can be traced in part to a solid housing market and unseasonably warm weather throughout much of the country. The manufacturing sector also posted healthy gains for the fifth month in a row.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-02, pp. 12, 02.01.1998.