America’s employers added a robust 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve’s aggressive drive to slow growth and tame inflation with higher interest rates, per the AP. Analysts expected a figure of 187,000, notes the Wall Street Journal.
- Rate: The unemployment rate dipped to 3.4%, its lowest point since May 1969, reports CNBC. Analysts predicted a rate of 3.6%.
- Big picture: Friday’s government report added to the picture of a resilient labor market, with low unemployment, relatively few layoffs and many job openings even as most economists foresee a recession nearing. Though good for workers, employers’ steady demand for labor has also helped accelerate wage growth and contributed to high inflation. January’s job growth topped December’s 269,000 gain.
- Markets: The stock market isn't happy. Dow futures fell about 200 points after the report came out, on fears the Fed will keep raising rates, per CNBC.
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