America’s job market demonstrated its stunning resilience, besting expectations by a factor of nearly three. Here are key takeaways from Friday’s jobs report.
America’s job market demonstrated its stunning resilience Friday, besting expectations by a factor of nearly three and making all those recession forecasts look pretty silly. Earlier this week, the consensus estimate among economists was that the US economy likely added about 185,000 jobs in January. That would have been a solid gain, still above the pre-pandemic average. But the economy had other ideas, adding more than half a million jobs in January.
The Fed can keep hiking rates What’s good news for workers isn’t always great news for Wall Street. Stocks fell Friday morning as the jobs report took investors by surprise and suggested that high interest rates aren’t going away anytime soon. The Fed has made it clear it will keep raising rates to wring excess liquidity from the economy and bring inflation back down to its goal of “around 2%.” By all accounts, inflation is cooling from its 9.1% peak last summer.
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