Jobs
Blockbuster US Jobs Report Turns Slowdown Narrative on Its Head
- Employment jumped 353,000 in January, exceeding all estimates
- Strong hiring is likely to delay Federal Reserve rate cuts
For months, jobs data have pointed to a gradually cooling labor market across the US, which along with receding inflation helped fuel bets that the Federal Reserve would start cutting interest rates early in 2024.
Friday’s blockbuster employment data turned that narrative upside down.