2020 Labor Market Off to Strong Start

The U.S. Bureau of Labor Statistics has reported that total nonfarm payroll employment rose by 225,000 in January. The unemployment rate inched higher to 3.6%, from 3.5% in December, but still remains near a 50-year low. This translates to 5.9 million persons looking for employment. Residential Construction employment posted its largest gain in the past 12-months, increasing by 20,200 in January. Total construction industry (both residential and nonresidential) employment totaled about 7.6 million in January.