By KARL EVERS-HILLSTROM and SYLVAN LANE
A recent wave of surprisingly solid economic data reveals that the U.S. economy is in a far stronger position than most economists expected.
Fridayâs stunning jobs report, coupled with a surprising jump in job openings, has forced experts to recalibrate their expectations for an economy being slowed by the Federal Reserveâs interest rate hikes.
Hereâs what we learned about the U.S. economy over the past week:
The U.S. added 517,000 jobs in January, blowing away analyst projections, while the unemployment rate dipped to 3.4 percent, the lowest in 54 years. Economists had expected unemployment to rise.
Several sectors that had been seeing an apparent slowdown, including retail and construction, added jobs at a faster rate than last yearâs monthly average. The average workweek totaled 34.7 hours, the highest since March 2022, indicating massive demand for workers.
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