U.S. Added 517,000 Jobs in January - More Than Double What Forecasters Predicted
Friday, February 03, 2023
The U.S. economy added 517,000 jobs in January, the federal government reported on Friday.
"The numbers are more than double the 190,000 forecasters anticipated," according to Axios.
The unemployment rate fell to 3.4% -- a 53-year low.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAverage hourly earnings rose 0.3%, good for 4.4% over the previous year.
"Why it matters," said Axios. "Employers added jobs at an unexpectedly rapid pace, the latest sign of a hot labor market despite aggressive moves by the Federal Reserve to cool it down."
"In addition to the report on Friday, the government released data this week showing that the number of posted jobs per available unemployed worker — a measure that policymakers have been watching closely — rose again in December," reported the NYT. "And despite a cavalcade of layoffs in the technology sector, the overall number of pink slips has stayed extremely low."
“The labor market is still incredibly hot,” said Beth Ann Bovino, the chief U.S. economist at S&P Global Ratings.
Related Articles
- Big Tech Is Slashing Jobs, But in Rhode Island, We Don’t Have Any
- Work Friendships Are Key to Job and Life Satisfaction - Horowitz
- Shortage of Bus Drivers Is Just the Beginning, RI’s Job Market Is a Mess
- Hasbro Slashing 1,000 Jobs, Leadership Changes
- Ørsted’s Ortiz Says Wind Industry Jobs in RI Can Grow From Hundreds to Thousands
- Finalist for NK Superintendent’s Job Was Paid $240K to Leave Last Job
