US jobs report for January is likely to show that steady hiring growth extended into 2024
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The US jobs report for January is expected to show that employers added 177,000 jobs, with a jobless rate of 3.8%. The job market defied predictions of a recession and instead saw strong job growth in 2023, with an average of 225,000 jobs added per month. Layoffs have not significantly impacted the overall job market, and the unemployment rate has remained below 4% for two straight years. Consumer sentiment and inflation expectations have improved, and the economy is expected to be a key factor in the 2024 presidential election. Economists predict a "January jobs boomlet" with 250,000 added jobs, driven by seasonal factors and hiring in healthcare and state/local governments. The rate of Americans quitting their jobs has slowed, suggesting less wage pressure. Hiring has slowed from previous years but remains steady, which is seen as positive by the Federal Reserve. Chair Jerome Powell indicated that rate cuts may begin later this year.

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https://abcnews.go.com/US/wireStory/us-jobs-report-january-show-steady-hiring-growth-106887552