Despite a record wave of Covid-19 cases, the job market performed much better than economists expected in January.
Despite economists warning the job market recovery may have weakened last month, the U.S. added back a surprisingly strong 467,000 new jobs in January, performing much better than experts were expecting after a record wave of Covid-19 cases.... [+]January’s job gains were significantly better than the roughly 150,000 new jobs economists had forecast, according to dataFriday by the Labor Department, and also exceeded the 199,000 jobs added by the economy in December.
Despite the better-than-expected report, the unemployment rate ticked up to 4%, compared to 3.9% in December, when the figure hit its lowest point in more than a year, and well above prepandemic levels of about 3.5%. In a Friday morning note, market analyst Adam Crisafulli of Vital Knowledge Media said the"very strong" report"certainly" heightens the risk that the Federal Reserve will continue to move aggressively in hiking interest rates—a prospect that ushered in the stock market'sStock futures fell immediately after the report, with the S&P 500 and Dow Jones Industrial Average set to open down 0.5% and 0.7%, respectively.
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