America’s employers added a stunning 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
Friday’s government report added to the picture of a resilient labor market, with low unemployment, relatively few layoffs and many job openings even as most economists foresee a recession nearing. Though good for workers, employers’ steady demand for labor has also helped accelerate wage growth and contributed to high inflation.
More Americans also entered the labor force last month. The proportion of adults who either had a job or were looking for one — the so-called labor force participation rate — ticked up to 62.4%. That was the highest level since last March, though still well below pre-pandemic levels. For all of 2022, the economy had added a sizzling average of 375,000 jobs a month. That was a pace vigorous enough to have contributed to the painful inflation Americans have endured, the worst such bout in 40 years. A tight job market tends to put upward pressure on wages, which, in turn, feed into inflation.
But the job market’s resilience isn’t making that hoped-for outcome any easier. On Wednesday, the Labor Department reported that employers posted 11 million job openings in December, an unexpected jump from 10.4 million in November and the largest number since July. There are now about two job vacancies, on average, for every unemployed American.
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