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US adds 517,000 jobs in January in huge gain for labor market


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The US job market added 517,000 jobs in January, a huge gain for the labor market even as the Federal Reserve has pushed up interest rates to bring down inflation and try to temper hiring.

Meanwhile, the unemployment rate has held relatively steady at 3.4% – a 0.1% decrease compared to last month. Economists had expected the unemployment rate to rise slightly last month, but the rate still remains on par with what was seen before the pandemic.

https://www.theguardian.com/business/2023/feb/03/us-jobs-report-january-2023-unemployment-rate

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This is crazy. The jobs data came out before the stock market opening. On open the S&P dropped over 40 points then regained all of it to rise to a high above yesterday and has now lost all 40 points again.

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