U.S. unemployment rate at lowest level since 1969, data indicate
The U.S. unemployment rate reached its lowest level in more than five decades in January as employers added 517,000 jobs in January, according to data released Friday by the Bureau of Labor Statistics.
Workforce participation, which is the combined number of people currently employed and those on unemployment, has essentially remained unchanged over the last year at 62.4% after dropping during the onset of the COVID-19 pandemic. The robust job figures come as the Federal Reserve has attempted to tame the economy with rising interest rates to offset inflation. The federal reserve raised interest rates for the eighth time in a row this week.
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