The US Didn’t Just Avoid A Recession, It’s Adding Hundreds Of Thousands Of New Jobs
February 2, 2024 11:49AM CST
File - A worker from Portland General Electric replaces a power line as crews work to restore power after a storm on Jan. 16, 2024, in Lake Oswego, Ore. On Friday, Feb. 2, 2024, the U.S. government issues its January jobs report. (AP Photo/Jenny Kane, File)
WASHINGTON (AP) — The nation’s employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades.
Last month’s job gain — roughly twice what economists had predicted — topped the December gain of 333,000, a figure that was itself revised sharply higher.
The unemployment rate stayed at 3.7%, just above a half-century low.
Wages rose unexpectedly fast in January, too.
The latest gains showcased employers’ willingness to keep hiring to meet steady consumer spending.
It comes as the intensifying presidential campaign is pivoting in no small part on views of President Joe Biden’s economic stewardship.
