Labor Market Added 517,000 Jobs In January—Unemployment Rate Falls To 54-Year Low Of 3.4%

Despite waves of layoffs hitting some of the nation’s largest employers, the unemployment rate unexpectedly fell, and the labor market added back more jobs than expected in January—adding to signs the economy may not be slowing down enough enough for the Federal Reserve to back away from its aggressive campaign to tame rising prices.

"While we have seen many reported layoffs in the tech industry, there are other segments that are continuing to thrive," Bill Armstrong, a president at recruiting firm Safeguard Global, said in an email Friday, pointing out the healthcare and hospitality industries are particularly healthy, adding 58,000 and 128,000 jobs in January, respectively.

Job growth in January was also fairly widespread, with employment also increasing in the government, and professional and business services. The report comes two days after additional data signaling the labor market remains tight, with job openings in December

This is not job growth, it’s job RECOVERY.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. job openings increase to five-month high as labor market stays tightU.S. job openings unexpectedly rose in December, showing demand for labor remains strong despite higher interest rates and mounting fears of a recession, which could keep the Federal Reserve on its policy tightening path. Yet we try touting some amazing unemployment rate? So many people have left the job market. Biden is a disaster.
Source: Reuters - 🏆 2. / 97 Read more »

December JOLTS Report Underscores Remarkable Year for U.S. Labor MarketData from the December 2022 JOLTS report, released in February, show that the U.S. labor market hit records in 2022 for the highest number of hires, highest number of quits, and lowest number of layoffs and discharges in one year. Biden Economy continues to roll
Source: TucsonStar - 🏆 339. / 59 Read more »

Treasury yields mixed as investors await key labor market dataU.S. Treasury yields were mixed on Friday as investors looked to key economic data releases that could provide fresh hints about inflation.
Source: CNBC - 🏆 12. / 72 Read more »

US employers added robust 517,000 jobs in January, sign of still-strong labor market despite rate hikesU.S. employers added a robust 517,000 jobs in January in a sign of a still-strong labor market despite Fed rate hikes.
Source: dothaneagle - 🏆 337. / 59 Read more »