The US economy added an astonishing 517,000 jobs in January, showing that the labor market isn’t ready to cool down just yet.
WASHINGTON — The US economy added an astonishing 517,000 jobs in January, showing that the labor market isn’t ready to cool down just yet, according to new data released Friday by the Bureau of Labor Statistics.
The unemployment rate fell to 3.4% from 3.5%, hitting a level not seen since before Neil Armstrong stepped on the moon.
Economists were expecting 185,000 jobs would be added last month, according to consensus estimates on Refinitiv.
“With 517,000 new jobs added in January 2023 and the unemployment rate at 3.4%, this is a blockbuster report demonstrating that the labor market is more like a bullet train,” Becky Frankiewicz, president and chief commercial officer of ManpowerGroup, said Friday.
