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Published 3 months ago

U.S. economy added 353,000 jobs in January, much better than expected

  • The U.S. Labor market added 353,000 jobs in January, surpassing economist forecasts, and wage growth increased by 0.6%, providing a boost for President Biden's reelection campaign.
  • The strong job gains and wage growth signal a continued positive impact on the economy, but the Federal Reserve's battle against inflation may be complicated by persistently hot labor conditions.
  • The unemployment rate remained steady at 3.7% for a third consecutive month, and hiring gains were seen across various industries, including professional services, healthcare, and retail trade.
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