The US economy added a whopper 517,000 jobs in January - unemployment drops to 3.4%

[essentialsaltes]

The US economy added an astonishing 517,000 jobs in January, showing that the labor market isn’t ready to cool down just yet, according to new data released Friday by the Bureau of Labor Statistics.

The unemployment rate fell to 3.4% from 3.5%, hitting a level not seen since before Neil Armstrong stepped on the moon.

The labor force participation rate increased to 62.4% from 62.3%.

New jobs numbers had been trending downward the last few months from ~300,000 toward 200,000, and this jump upwards was unexpected, especially as many economists have been talking recession.

 

[Blade]

The US economy added an astonishing 517,000 jobs in January, showing that the labor market isn’t ready to cool down just yet, according to new data released Friday by the Bureau of Labor Statistics.

The unemployment rate fell to 3.4% from 3.5%, hitting a level not seen since before Neil Armstrong stepped on the moon.

The labor force participation rate increased to 62.4% from 62.3%.

New jobs numbers had been trending downward the last few months from ~300,000 toward 200,000, and this jump upwards was unexpected, especially as many economists have been talking recession.

Looks good on paper that's for sure but where I live its nothing like that. Then from those I hear from again... I don't know. There are no signs anywhere "now hiring" like there was a few months ago. Lay offs everywhere.

 

[Pommer]

Looks good on paper that's for sure but where I live its nothing like that. Then from those I hear from again... I don't know. There are no signs anywhere "now hiring" like there was a few months ago. Lay offs everywhere.

Wouldn’t the lack of “help wanted” signs ‘round about your locale be evidence that some of the 517,000 jobs were near you? No?

 

[Whyayeman]

Looks good on paper that's for sure but where I live its nothing like that. Then from those I hear from again... I don't know. There are no signs anywhere "now hiring" like there was a few months ago. Lay offs everywhere.

National trends are not always reflected locally.

 

[Handmaid for Jesus]

Our city has now hiring signs up all over town.

 

[FireDragon76]

Labor force participation is down. COVID-19 accounts for some of that, esp. among older people. Other people have just dropped out due to apathy. That probably accounts for some of the low unemployment.

 

[Pommer]

Labor force participation is down. COVID-19 accounts for some of that, esp. among older people. Other people have just dropped out due to apathy. That probably accounts for some of the low unemployment.

It hasn’t recovered to pre-COVID levels no, but the labor participation rate is climbing.

 

[trunks2k]

It hasn’t recovered to pre-COVID levels no, but the labor participation rate is climbing.

I'd expect it to be a while until the labor participation rate gets back to previous levels. I would think that a lot of older people just opted for retiring and are permanently out of the job market. Gonna take some time to make that up.

 

[iluvatar5150]

The US economy added an astonishing 517,000 jobs in January, showing that the labor market isn’t ready to cool down just yet, according to new data released Friday by the Bureau of Labor Statistics.

The unemployment rate fell to 3.4% from 3.5%, hitting a level not seen since before Neil Armstrong stepped on the moon.

The labor force participation rate increased to 62.4% from 62.3%.

New jobs numbers had been trending downward the last few months from ~300,000 toward 200,000, and this jump upwards was unexpected, especially as many economists have been talking recession.

Labor force participation is down. COVID-19 accounts for some of that, esp. among older people. Other people have just dropped out due to apathy. That probably accounts for some of the low unemployment.

It hasn't fully recovered, but it's back to where it was in Sep 2015:

Labor Force Participation Rate

View data of the percentage of the total U.S. population that is neither employed nor actively seeking work.

fred.stlouisfed.org

The prime age participation rate is basically fully recovered, back to where it was in Sep 2019:

Labor Force Participation Rate - 25-54 Yrs.

Graph and download economic data for Labor Force Participation Rate - 25-54 Yrs. (LNS11300060) from Jan 1948 to Jan 2023 about 25 to 54 years, participation, civilian, labor force, labor, household survey, rate, and USA.

fred.stlouisfed.org

 

[Say it aint so]

Looks good on paper that's for sure but where I live its nothing like that. Then from those I hear from again... I don't know. There are no signs anywhere "now hiring" like there was a few months ago. Lay offs everywhere.

Where I live you can't go by a business without seeing "we're hiring". They are everywhere.