A surprising burst of US hiring in January: 517,000 jobs
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February 3, 2023
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 said 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 n...
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