US Economy Added 517,000 Jobs in January as Hiring Surged Despite Fed Hikes

The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their strongest gain since July 2022. CNBC

Leisure and hospitality added 128,000 jobs to lead all sectors. Other significant gainers were professional and business services , government and health care . Retail was up 30,000 and construction added 25,000.

In 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." Though Fed officials have expressed their intention to keep rates elevated for as long as it takes to bring down inflation, markets are betting the central bank starts cutting before the end of 2023. Traders increased their bets that the Fed would approve a quarter percentage point interest rate hike at its March meeting, with the probability rising to 94.5%, according to CME Group data.

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