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Economist expectations were shattered as the BLS released the first jobs report of the year. 353k jobs were added overall and unemployment stayed put at 3.7% (staying under 4% for the 24th consecutive month and nearing a 50 year low). Analysts had predicted 175k job additions with a slight uptick in unemployment. The report comes as a bit of shock to the market as we typically see more job losses this time of year due to seasonal workers exiting the workforce after the holidays. Here are some key highlights from this morning’s report:

353K total jobs added
9.9K engineering jobs added
23K manufacturing jobs added

The January jobs report shows that labor demand, especially for STEM specialists, is expected to remain solid, with Americans employed and enjoying strong wage growth. America's job market remains shockingly robust in the face of the highest interest rates in 23 years. And the January report could have finally quelled Wall Street's belief that the Federal Reserve could start to cut interest rates as soon as March, according to futures.

Read our latest blog post breaking down the numbers and what they mean for the future of our industry.

January 2024 Manufacturing and Engineering Jobs Report | Progressive Recruitment The BLS January Jobs report beat analyst expectations after adding 353k jobs. Here's a look at manufacturing and engineering industry predictions.

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