U.S. hiring roared back to life in January as the labor market remained surprisingly resilient in the face of higher interest rates, scorching-hot inflation and mounting recession fears.
Employers added 517,000 jobs in January, the Labor Department said in its monthly payroll report released Friday, easily topping the 185,000 jobs forecast by Refinitiv economists. It marked the best month for job creation since July.
The unemployment rate, meanwhile, unexpectedly dropped to 3.4%, the lowest since 1969.
This is a developing story. Please check back for updates.
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