A surprising burst of US hiring in January: 517,000 jobs

The Associated Press

WASHINGTON (AP) – For nearly a year, the Federal Reserve has been on a mission to cool down the job market to help curb the nation’s worst inflation bout in four decades.

The job market hasn’t been cooperating.

Consider what happened in January: The government reported Friday that employers added a sizzling 517,000 jobs last month and that the unemployment rate dipped to 3.4%, the lowest level since 1969.

The job gain was so large it left economists scratching their heads and wondering why the Fed’s aggressive interest rate hikes haven’t slowed hiring at a time when many foresee a recession nearing.

Read the full story on AP News right here.

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2/3/2023 9:49:53 AM (GMT -6:00)