The United States added 517,000 jobs in January, the Labor Department said Friday, reporting a number almost three times above forecast that threw a fresh challenge to the Federal Reserve's hopes of seeing a cooling of the labor market and wages to get inflation to its target
WASHINGTON (Pakistan Point News / Sputnik - 03rd February, 2023) The United States added 517,000 jobs in January, the Labor Department said Friday, reporting a number almost three times above forecast that threw a fresh challenge to the Federal Reserve's hopes of seeing a cooling of the labor market and wages to get inflation to its target.
The so-called non-farm payrolls growth for last month was the strongest since July 2022, when the Labor Department reported jobs creation at 528,000. Economists polled by US media had only forecast a jobs growth of 188,000 for January. The outperformance pushed down the unemployment to 3.4% from December's 3.5%.
