January proved a rocky month for many Americans, due to a partial government shutdown that left roughly 800,000 federal workers furloughed or working without pay.
According to the Congressional Budget Office, the 35-day shutdown cost the economy $11 billion, with an estimated $3 billion permanently lost. But despite this uncertain start to a new year, the latest jobs report from the Bureau of Labor Statistics shows hiring growth remained solid throughout the month.
In January, 304,000 jobs were added to the economy, marking a historic milestone of 100 straight months of job gains. Unemployment rose from 3.9 percent to 4 percent because a small percentage of furloughed employees who could not work were counted as unemployed, says the report. Wages also increased by 3.2 percent from a year ago, showing that employers are willing to not only hire more, but also pay more in today's tight labor market.
CNBC Make It spoke with Bankrate.com senior economic analyst Mark Hamrick, Indeed research director Martha Gimbel and Glassdoor chief economist Andrew Chamberlain about the temporary impact of the shutdown and why today's market still favors job-seekers.