The U.S. economy added 517,000 jobs in January, unexpectedly high employment growth after predictions that job growth would slow as the Federal Reserve continues to raise interest rates. The unempl…
in January, unexpectedly high employment growth after predictions that job growth would slow as the Federal Reserve continues to raise interest rates.said that job growth was spread across industries, including leisure and hospitality, professional and business services and health care. There also was a rise in the government payroll.The robust report belies some of the headlines of mass layoffs, particularly in the tech industry, as well as cutbacks in media.
Average hourly earnings on private payrolls rose by 10 cents to $33.03. Average hourly earnings have increased by 4.4% over the past 12 months. Still, the spike in job growth had some economists wondering if this was an accurate picture. Mark Zandi, chief economist at Moody’s Analyitics, wrote that the report was “so strong” that the Bureau of Labor Statistics was having “measurement issues.”
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