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.

Read the full article.

BREAKING: The US jobs report for January is in.

-Payrolls increase 517,000 (vs. estimates of 188,000)
-US unemployment rate falls to 3.4% (vs. estimates of 3.5%)https://t.co/eJbAxEBPSl pic.twitter.com/oHmngGOyh1

— Bloomberg Economics (@economics) February 3, 2023

Breaking: The U.S. added 517,000 jobs last month as hiring accelerated. The unemployment rate fell to 3.4%, the lowest rate in more than 53 years. https://t.co/qi1NGMKbBh

— The Wall Street Journal (@WSJ) February 3, 2023

Under Biden:
– lowest unemployment rate in 50 yrs, lowest poverty/uninsured rates ever
– GDP growth 3+%, best recovery in G7, dollar strong
– 2 jobs per unemployed person, elevated wage gains/new business starts
– trade deficit/budget deficit down 3/https://t.co/QWMp3HiMRq

— Simon Rosenberg (@SimonWDC) January 29, 2023

#BREAKING: US adds stunning 517K jobs to start 2023 https://t.co/rmivgsJbMV pic.twitter.com/uWQUHoxQli

— The Hill (@thehill) February 3, 2023