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Payrolls jump by 227,000 in January, unemployment rate edges up

The U.S. Department of Labor reported that nonfarm payroll employment increased by 227,000 in January, while the unemployment rate ticked up to 4.8%.

Experts had forecasted that the economy would add 175,000 jobs in the month, according to Econoday data made available by Bloomberg. The unemployment rate had been expected to remain at 4.7%.