Unexpected growth in US economy as 353,000 jobs added in January
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U.S. job growth accelerated in January, with 353,000 jobs added, exceeding economists' forecast of 180,000. The data for December was revised higher to show 333,000 jobs added. Employment gains remain well above the roughly 100,000 jobs per month needed to keep up with growth in the working age population. Average hourly earnings increased by 0.6% in January, and annual wage growth is well above pre-pandemic levels. The unemployment rate in January was 3.7%. The Federal Reserve has left interest rates unchanged but expects them to move lower in the coming months. Financial markets now expect the central bank to start lowering borrowing costs in May. The strong job gains and wage growth suggest that the US economy is resilient and may be shielded from a recession this year.
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