Why the US labor market seems to be unbreakable

The US added 517,000 jobs in January, according to new data from the US Bureau of Labor Statistics. The unemployment rate fell to a nearly 53-year low at 3.4%.

This beat expectations for the US to add 185,000 jobs and for the unemployment rate to rise to 3.6%, according to economists polled by FactSet. Meanwhile, average hourly earnings rose by a modest .3% in January, after rising by .4% in December.