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Stunning U.S. Jobs Report: 517,000 Non-farm Payrolls Increase in January, Unemployment Rate Drops to Lowest in 50 Years: 3.4%
After a year of post-pandemic inflation, January’s U.S. jobs report was stunning all around. Non-farm payrolls increased by 517,000 for the month, shattering analysts’ estimate of 187,000. The unemployment rate fell to 3.4%, the lowest in more than 50 years.
An hourly wage growth of 0.3% in January showed a solid, but moderating labor market. January's job report indicated a robust labor market overall. President Biden responded to the positive job report, stating that the state of the Union and the economy is strong with jobs and wages on the rise and inflation under control.
He added, “Jobs are up, wages are up, inflation is down, and COVID no longer controls our lives.”
Recent polling indicates that most Americans believe their personal financial situation is good. This, along with other economic improvements over the past year, is expected to be a focus of President Biden's upcoming State of the Union address. In his address, Biden plans to call on lawmakers to responsibly raise the debt limit and keep the government funded.
While some far-right Republicans in the House and Senate are calling for cuts to important programs like Medicare and Social Security, Biden is committed to defending these essential programs for American seniors. He will be vigorous in his defense of these programs, ensuring that the budget is balanced in a way that does not harm American seniors.
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