US Payrolls Surge by 353,000 at Start of Year, Wages Also Jump

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US employers added 353,000 workers in January, the most in a year, and wages increased at the fastest pace since March 2022, according to a Bureau of Labor Statistics report. The unemployment rate remained at 3.7%. The strong jobs report is likely to delay any Federal Reserve interest-rate cuts. The data raise questions about the gradual downshift in hiring that had tempered wage growth and helped bring inflation down. Fed officials are hoping for strong employment growth while also seeking more moderate pay gains and confirmation that inflation will continue to slow. The report also noted that severe winter weather in January led to a decline in hours worked and the most employees not working due to bad weather in almost three years.

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https://finance.yahoo.com/news/us-payrolls-surge-353-000-135051845.html