US economy adds more than 500,000 jobs in January
Unemployment in the United States dropped to 3.4 percent in January, a fifty-year low, according to the U.S. Labor Department jobs report released Friday. American employers added 517,000 jobs in January and average hourly earnings increased by ten cents, despite the Federal Reserve’s continued efforts to drive down inflation. The central bank on Wednesday increased interest rates for the eighth time since March and officials anticipate additional hikes in the coming months.
What industries saw the most growth? The sectors of leisure and hospitality—which include restaurants and bars—added 128,000 jobs in January, though employment in the sector remains below pre-pandemic levels. The sectors of professional and business services, government, healthcare, and retail also saw significant job growth last month.
Dig deeper: Read Jerry Bowyer’s column in WORLD Opinions on how investors have given the U.S. economy a no-confidence vote for 2023.
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