In addition, the closely watched average hourly wage rose 7 cents to $28.44 on month in January. In the past year, the average hourly wage in the United States has increased by 3.1%.
The Federal Reserve announced on January 29 that it would maintain the target range of the federal funds rate at 1.5% to 1.75%. Federal Reserve Chairman Powell said that the U.S. employment market remains strong, the unemployment rate remains low, and the economy continues to grow moderately. The current monetary policy position is appropriate.