Payrolls surge by 304,000, smashing estimates despite government shutdown
- Job growth in January shattered expectations, with nonfarm payrolls surging by 304,000, the Labor Department says.
- Economists surveyed by Dow Jones had expected payrolls to rise by 170,000.
- There were revisions. December’s big initially reported gain of 312,000 was knocked all the way down to 222,000, while November’s rose from 176,000 to 196,000.
- The unemployment rate ticked higher to 4 percent, a level where it had last been in June, a likely effect of the shutdown, according to the department.
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