JUST IN: The stronger jobs report shows that the central bank's rate hikes aren’t yet having the punch officials hoped and could cause the Fed to lean toward a more aggressive monetary stance at its meeting later this month.
The new figures reported by the Bureau of Labor Statistics Friday morning provide reassurance about the strength of the economy. The unemployment rate ticked up to 3.6%, a low figure by historical standards.
The reading follows several months of large job gains and the lowest unemployment rates since the 1960s, which have represented key positive economic data that President Joe Biden has touted even as historic inflation cuts deeply into the paychecks of people across the country.The labor market recovery has so far absorbed hits without slowing down, such as mass layoffs in the tech industry and a sudden, sharp downturn in the housing market.
Inflation rose in January to a 5.4% annual rate, according to the personal consumption expenditures index, which is the gauge favored by the Fed.
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