BREAKING: Employers added 517,000 jobs in January, indicating the job market remains red-hot despite rising layoffs in the technology industry and other key sectors of the economy.
Employers added a stunning 517,000 jobs in January, indicating the job market remains red-hot despite rising layoffs in the technology industry and the Federal Reserve's concerted push to slow economic growth. on Friday by the Department of Labor, far outpaced economists' expectations of about 185,000 jobs to be added in January.
"We're still in a very strong, tight labor market. The demand for workers remains high," John Leer, chief economist at Morning Consult, told CBS MoneyWatch before the job numbers were released. "While the tech sector does play an outsized role in driving productivity and corporate earnings, it remains a fairly small share of total employment," he added."For all these folks that are being fired, many of them are being re-hired, reabsorbed elsewhere."
The government also revised estimates for 2022 to show that 568,000 more payroll jobs were created than initially estimated.
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