President Biden speaks after the January jobs report crushes estimates: “The Biden economic plan is working.”
The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their biggest gain since July 2022.
A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons also edged higher to 6.6%. The household survey, which the Labor Department uses to compute the unemployment rate, showed an even bigger increase of 894,000. Wages also posted solid gains for the month. Average hourly earnings increased 0.3%, in line with the estimate, and 4.4% from a year ago, 0.1 percentage point higher than expectations though a bit below the December gain of 4.6%."When you look at this, it's pretty hard to shoot any holes in this report," said Dan North, senior economist at Allianz Trade North America.and bring down inflation from its highest level since the early 1980s.
Traders increased their bets that the Fed would approve a quarter percentage point interest rate hike at its March meeting, with the probability rising to 94.5%, according to. They also now expect another increase in May or June that would bring the central bank's benchmark funds rate to a target range of 5%-5.25%.
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