Unemployment Hits 53-year Low, Economy Adds 517k Jobs in January
The U.S. economy added 517,000 jobs in January and the unemployment rate hit its lowest point in more than 50 years, according to the Bureau of Labor Statistics.
The Details: Industries that gained the most jobs were leisure and hospitality (128,000), professional and business services (82,000), government employment (74,000), and health care (58,000). Unemployment was at 3.4%, its lowest rate since May 1969. The labor force participation rate rose slightly to 62.4%, but remains below its pre-COVID-19 pandemic level of 63.3%. Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3%, and have increased by 4.4% in the last 12 months.
For Context: Economists cited across the political spectrum had expected the economy to add 185,000 jobs and for unemployment to rise slightly.
How the Media Covered It: Most headlines across the spectrum framed the news as a surprising but positive sign for the economy amid high inflation, rising interest rates, and recession fears. Center- and right-rated sources were more likely to highlight how stocks were trading lower after the jobs report and how some economists think the positive jobs number will encourage the Federal Reserve to continue raising interest rates. Fox Business's (Lean Right bias) homepage said Friday morning that job growth "unexpectedly surges as recession fears mount."
Featured Coverage of this Story
From the CenterPayrolls increased by 517,000 in January, crushing estimates, as unemployment rate hit 53-year low
The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their strongest gain since July 2022.
Nonfarm payrolls increased by 517,000 for January, above the Dow Jones estimate of 187,000 and December’s gain of 260,000.
The unemployment rate fell to 3.4% versus the estimate for 3.6%. That is the lowest jobless level since May 1969. The labor force participation rate edged higher to 62.4%. A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons also edged higher to...
From the LeftThe US economy added a whopper 517,000 jobs in January
The US economy added an astonishing 517,000 jobs in January, showing that the labor market isn’t ready to cool down just yet, according to new data released Friday by the Bureau of Labor Statistics.
The unemployment rate fell to 3.4% from 3.5%, hitting a level not seen since before Neil Armstrong stepped on the moon.
Economists were expecting 185,000 jobs would be added last month, according to consensus estimates on Refinitiv.
“With 517,000 new jobs added in January 2023 and the unemployment rate at 3.4%, this is a blockbuster report...
From the RightUnemployment at lowest level since 1969 as economy smashes expectations
The economy gained 517,000 jobs in December, smashing expectations, in another sign that the Federal Reserve’s interest rate hikes have yet to harm the labor market substantially.
The figures reported by the Bureau of Labor Statistics on Friday morning provide reassurance about the strength of the economy. The unemployment rate fell to 3.4%, the lowest rate since 1969.
The results of the employment report come as a big surprise for economists. The consensus estimate was that the economy would add just 185,000 jobs and unemployment would actually rise by a tenth of a percentage point...
March 26th, 2023
March 26th, 2023
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