US unemployment rate rises to 4.0% despite addition of 304k jobs

The US unemployment rate rose to 4.0% in January, up from 3.9% in December, according to the Bureau of Labor Statistics.

The market had been expecting the jobless rate to remain steady at 3.9%.

Total non-farm employment, however, increased by 304k, exceeding market expectations of a 165k rise.

Average hourly earnings rose by 3 cents, or about 0.1%, to $27.56, below expectations of a 0.3% rise.