Payroll employment continued to surge in January, recording a net increase of 387,000 jobs. The proportion of the population with jobs increased 0.4%, reaching a record 64.8%. The unemployment rate fell 0.1% to hit 4.0%, its lowest level since January 1970. Average hourly earnings rose 6 cents to $13.50, a 3.5% increase since January 1999.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-02, pp. 11-12, 02.01.2000.