The Bureau of Labor Statistics reported on Friday that U.S. employers added 200,000 new workers in January while November and December were revised lower by a total of 24,000. The big news within the report was a rise in annual wage growth, which surged 2.9% from January 2017 to January 2018, the biggest increase since June 2009. Wages have been stagnant but the unexpected rise is a key metric for the economy. The Unemployment Rate remained at 4.1%, the Labor Force Participation Rate was unchanged at 62.7%, while the U6 number (or total unemployed) edged higher to 8.2% from 8.1%. Overall, it was a solid report.
Consumer Sentiment beat expectations in January for the final monthly reading coming in at 95.7 versus the 95 expected and up from 94.4 in the early monthly reading. A booming Stock market and solid job growth were a few measures that kept the index above average historically. Conditions for purchasing homes fell to the lowest level in seven years due in part to low inventories. A spokesperson from the index said the tax cuts will increase discretionary spending.
With the Super Bowl airing on Sunday, here are a few facts: According to the Department of Agriculture, Super Bowl Sunday is America’s second largest food consumption day behind Thanksgiving. On the Monday after the game, it is expected that 1.5 million workers will call in sick. Americans may drink 325.5 million gallons of beer during the game. It’s estimated that the NFL collects around $620 million of revenue from this event, which is the highest in history for a one-day sporting event. Enjoy the game!
