US Economy Adds a Strong 353K Jobs in January, Unemployment Stays at 3.7%, Wage Growth Hits 4.5% As Labor Market Remains Tight
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The US economy added a shockingly strong 353,000 jobs in January, far exceeding expectations and showing continued labor market strength.
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The unemployment rate remained at 3.7% for the 24th straight month, holding under 4%.
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Wages grew 4.5% year-over-year, indicating workers are seeing pay increases amid the tight job market.
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Stocks opened mixed following the jobs report, with tech stocks rising on earnings beats but the Dow falling slightly.
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The strong report likely ends belief the Fed could cut rates in March, instead showing the economy remains strong enough for further rate hikes.