America’s employers added a robust 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve’s aggressive drive to slow growth and tame inflation with higher interest rates.
Peter Ellingwood delivers heating oil, Tuesday, Jan. 31, 2023, in Farmington, Maine.
January’s job growth was broad-based across industries. A category that includes restaurants and bars added 99,000 workers. Professional and business services jobs, including bookkeepers and consultants, rose by 82,000. “This is a labor market on heat,’’ said Seema Shah, chief global strategist at Principal Asset Management. It would be difficult, she suggested, “to see the Fed stop raising rates and entertain ideas of rate cuts when there is such explosive economic news coming in.”
Companies are still seeking more workers and are hanging tightly onto the ones they have. Putting aside some high-profile layoffs at big tech companies like Microsoft, Google, Amazon and others, most workers are enjoying an unusual level of job security even at a time when many economists foresee a recession approaching.For all of 2022, the economy had added a sizzling average of roughly 375,000 jobs a month.
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