US employers added more jobs in January than economists had expected, but growth was concentrated in just a few sectors.
Outside of health care, hospitality, and government, the economy has been “consistently losing jobs,” ING analysts wrote. “This will do nothing to relieve the pressure on household finances,” meaning consumer sentiment will likely remain dim.
Health care has consistently powered job growth, thanks to America’s aging population.
Still, US President Donald Trump touted the headline figure pointing to a steadying US labor market, and reiterated his call for the Federal Reserve to cut interest rates.
But analysts say the report won’t be enough to pull policymakers off of their path of holding rates steady until at least the summer.