January Jobs Report Defies Dismal Expectations

Bloomberg News reports:

U.S. employers added more jobs than forecast last month, despite a surge in Covid-19 infections and related business closures.

Nonfarm payrolls increased 467,000 in January after an upwardly revised 510,000 gain in December, a Labor Department report showed Friday. The unemployment rate ticked up to 4%, and average hourly earnings jumped.

In a surprise display of strength, the labor market continued to improve last month, weathering record-high levels of coronavirus infections and the resulting absenteeism from work.

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