Job Growth Slows in January as Pay Gains Cool
• Private sector added 107K jobs in January, less than the 145K expected and below 158K added in December • Annual pay rose 5.2% year-over-year, slowing from 5.4% pace in December • Job changers got 7.2% pay bump, smallest annual gain since May 2021 • Service-providing industries added 77K jobs; goods-producing added 30K • Biggest gains in leisure/hospitality (+28K), trade/transportation/utilities (+23K), and construction (+22K)