02/02/2024

U.S. Employers Added Surprisingly Robust 353,000 Jobs in January

This is another sign of a strong economy

The nation's employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades.

Friday's government report showed that last month's job gain — far above what economists had predicted — topped the December gain of 333,000, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7 percent, just above a half-century low.

Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6 percent from December, the fastest monthly gain in nearly two years, and 4.5 percent from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve's intention to start cutting interest rates later this year.

Please select this link to read the complete article from The Associated Press.