January hiring beat all forecasts with U.S. nonfarm payrolls increasing by 304,000 during the month. However, wage gains slowed and the government shutdown bumped the unemployment rate up to 4 percent. Numbers from the Bureau of Labor Statistics show payrolls saw their biggest rise in over a year and far exceeded expectations—a survey called for an increase of 165,000. However, average hourly earnings rose short of expectations at just 0.1 percent. The number of unemployed Amerians on temporary layoff rose by 175,000, many due to the government shutdown.
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