The US economy added a whopping 517,000 jobs in January

2/4/23
 
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from CNN,
2/3/23:

The US economy added an astonishing 517,000 jobs in January, showing that the labor market isn’t ready to cool down just yet.

The unemployment rate fell to 3.4% from 3.5%, hitting a level not seen since May 1969 — two months before Neil Armstrong stepped on the moon — according to new data released Friday by the Bureau of Labor Statistics.

Economists were expecting 185,000 jobs would be added last month, based on consensus estimates on Refinitiv.

“With 517,000 new jobs added in January 2023 and the unemployment rate at 3.4%, this is a blockbuster report demonstrating that the labor market is more like a bullet train,” Becky Frankiewicz, president and chief commercial officer of ManpowerGroup, said Friday.

The shockingly strong monthly jobs gain — a number that several economists cautioned was influenced by seasonal factors and is subject to future revisions — bucks a trend of five consecutive months of moderating job growth during the latter half of 2022.

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