US jobs market defies expectations of January slowdown
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The US economy added 353,000 jobs in January, after December's figure was revised up to 333,000, according to the Labor Department. The unemployment rate remained steady at 3.7 percent. The strong job market is likely positive for President Biden as he campaigns for a second term. The Federal Reserve may face complications in its battle against inflation due to strong growth and a robust jobs market. January wage gains rose more than anticipated at 0.6 percent from the prior month, and average hourly earnings jumped 4.5 percent from a year ago. Sectors seeing job gains include professional and business services, health care, and retail trade, while employment fell in areas like mining, oil, and gas extraction. The labor market is still in good shape, but the full effect of interest rate hikes may take three to six quarters to kick in. Despite the strong figures, efforts to cool the economy could still be rippling through sectors.

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https://www.legit.ng/business-economy/economy/1576756-us-jobs-market-defies-expectations-january-slowdown/