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
A hiring sign is displayed at a restaurant in Rolling Meadows, Ill., Monday, Jan. 30, 2023. America’s employers added a robust 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve’s aggressive drive to slow growth and tame inflation with higher interest rates.WASHINGTON — — 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.
But the Fed's inflation watchers might be reassured somewhat by January's wage data: Average hourly pay rose 4.4% last month from a year earlier, slower than the 4.8% year-over-year increase in December. And from December to January, wages rose 0.3%, below the 0.4% increase the previous month. January’s hiring was broad-based across industries. A category that includes restaurants and bars added 99,000 workers. Professional and business services jobs, including bookkeepers and consultants, rose by 82,000.
January's job growth far exceeded December's 260,000 total and extended a streak of substantial gains. In part out of concern that those job gains would keep inflation high, the Fed hasto try to contain inflation, which hit a 40-year high last year but has slowed since then.
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