LIVE: President Biden speaks on January jobs report, which shows lowest unemployment rate in more than 50 years.
The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their strongest gain since last July., far above the Dow Jones estimate of 187,000. The unemployment rate fell to a historic low of 3.4%, compared with the estimate of 3.6%.
Job growth across a multitude of sectors helped propel the massive beat against the estimate. Leisure and hospitality, an industry that shed many positions early in the pandemic and, added 128,000 jobs in January, leading all sectors. Other significant gainers were professional and business services , government and health care .
The surge in job creation comes despite the Federal Reserve’s effort to slow the economy and bring down inflation from its highest level since the early 1980s. The Fed has raised its benchmark interest rate eight times since March 2022, most recently withIn its latest assessment of the jobs picture, the Fed on Wednesday dropped previous language saying gains have been “robust” and noted only that the “unemployment rate has remained low.
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