Nonfarm payrolls report confirms strength of the U. S. Economy
2023.02.03 08:58
Nonfarm payrolls report confirms strength of the U. S. Economy
By Ray Johnson
Budrigannews.com – In January, job growth in the United States blew past expectations, the latest in a string of astonishingly strong labor market data.
According to the Labor Department, employment increased by 517,000 in the middle of the month, snapping a four-month downward trend. The slowest job growth in nearly two years, analysts had anticipated a further slowdown to 185,000.
Also, the data for December were revised up to show a gain of 260,000 jobs instead of the 223,000 jobs that were originally reported.
Stock futures fell as traders were forced to reevaluate bets that an economic slowdown will force the to cut interest rates later this year, while the gained over 0.5 percent in response.
