Biden Touts a Jobs Boom After Another Stunningly Strong Report – By Michael Rainey (The Fiscal Times) / Feb 2, 2024
AU.S. labor market that just won’t quit turned in another strong performance in January, once again defying expectations of a slowdown as employers created 353,000 new jobs to start the new year.
The results crushed economists’ expectations, nearly doubling the Dow Jones estimate of 185,000 jobs added. The unemployment rate also beat expectations, as it held steady at 3.7% rather than ticking slightly higher. And job growth in previous months was revised higher, adding 126,000 more jobs to the totals for November and December.
Job creation was broad-based, with new jobs created in almost all sectors, led by professional and business services (74,000 jobs), healthcare (70,000), retail (45,000) and governments at all levels (36,000). Manufacturing also saw growth, adding 23,000 positions. Mining and gas extraction were among the few sectors reporting job losses.
