Total nonfarm payroll employment rose by 353,000 in January-2024 and data suggests recession will not occur in USA in nearby quarters.

Total nonfarm payroll employment rose by 353,000 in January-2024 and data suggests recession will not occur in USA in nearby quarters.

Generally we need to look GDP of sequential quarters. GDP for Dec-2023 quarter showed growth of 3.3%.

Currently job additions data per month is also good. Generally when jobs addition is good there will be good amount of consumption of goods produced. So industries will sustain and tries to produce more. So in recent quarters recession will not occur. Just all these factors are mathematically related.

In January-2024, the unemployment rate was 3.7 percent.

The number of long-term unemployed (those jobless for 27 weeks or more), at 1.3 million.

Total nonfarm payroll employment rose by 353,000 in January-2024, similar to the gain of 333,000 in December-2023.

Professional and business services added 74,000 jobs in January-2024.
Health care jobs rose by 70,000 in January-2024.
Retail trade employment increased by 45,000.
Employment in social assistance rose by 30,000.
Employment in manufacturing increased by 23,000.
Government employment increased by 36,000.
Employment in information increased by 15,000.

Employment in the mining, quarrying, and oil and gas extraction industry declined by 5,000 in January-2024.

In January, average hourly earnings for all employees on private nonfarm payrolls rose by 19 cents, or 0.6 percent, to $34.55.