Don’t take the whopping 517,000 increase in new jobs in January at face value, economists say, but don’t discount the enduring strength of a robust U.S. labor market.
Yet there’s reason to question the huge increase in hiring in the first month of 2023, economists say. James Knightley, ING’s chief international economist, agreed. “A real surprise, which is difficult to explain.” To his point, raw employment levels in January suggest reason for caution. The economy lost jobs in January, after all, as it usually does.
Job creation was notably faster last year, for instance, than previously reported. The average increase in employment each month of 2022 was revised up to 401,000 from 375,000.
FYI Not in the Tech sector, its dying fast. High paying jobs being cut to the bone
Thank you, POTUS and VP !