517,000 New Jobs In Stunning January Labor Report

The Washington Post reports:

The labor market shattered expectations in January, as the economy added 517,000 jobs, despite tens of thousands of layoffs in the tech sector.

The unemployment rate dropped to 3.4 percent, according to data released Friday from the Bureau of Labor Statistics, reaching a new longtime low.

The uptick in high-profile layoffs has not been reflected in payroll numbers or unemployment rate, leading economists to posit that laid off workers are quickly finding new jobs or not immediately applying for unemployment benefits. These job losses are also being offset by hardy gains in other industries.

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