Hiring Accelerated as U.S. Economy Added 353,000 Jobs in January

Hiring accelerated with 353,000 jobs added last month, the Labor Department said Friday. The unemployment rate was 3.7%.

The report offers fresh insight into the U.S. economy as Federal Reserve officials are considering when to start cutting interest rates, a new phase in their effort to control inflation while avoiding a long-feared recession.

Fed Chairman Jerome Powell signaled Wednesday that rate cuts are likely later this year, though probably not at the Fed’s next meeting in March. Strong economic growth and a still-tight labor market were welcome, Powell said, as long as inflation continues to decline.