The nation’s employers delivered a burst of hiring to begin 2024, according to the Associated Press, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades.
Today’s report from the Labor Department showed that last month’s job gain topped the 333,000 jobs that were added in December, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7%, just above a half-century low.
The latest gains far exceeded expectations and showcased employers’ willingness to keep hiring to meet steady consumer spending. The news comes as the intensifying presidential campaign is pivoting in no small part on views of President Joe Biden’s economic stewardship. Public polls show widespread dissatisfaction largely because even though inflation has sharply slowed, most prices remain well above pre-pandemic levels. Some recent surveys, though, show public approval gradually improving.
