¡°Today, I¡¯m happy to report that the state of our union and the state of our economy is strong.¡±
A 3stunning 517,000 jobs added to the US economy in January. Almost three times what 4forecasters were 5predicting according to 6consensus estimates.
¡°People feeling good about the job market. That¡¯s a positive sign, and we just need to continue to build on that.¡±
The 7unemployment rate falling to 3.4 percent. Hitting a level not seen...
¡°One small step for man...¡±
...since before Neil Armstrong landed on the moon in ¡®69.
¡°...one giant leap for mankind.¡±
While the tech-industry saw cuts, job gains hit nearly every other sector. 8Leading the pack, leisure and hospitality as US continues to 9rebound from the COVID-19 pandemic.
¡°Manufacturing rebounding at a faster rate than the last 40 years.¡±
A hot labor market means we¡¯re not in a 10recession. But it also may complicate the Federal Reserve¡¯s efforts to slow down the economy in order to combat inflation.
¡°It¡¯s a month by month approach to see how we can continue to bring the 11inflationary pressures down, and allow people the opportunities to get into good paying jobs.¡±
As the labor market refuses to quit, Wall Street fears a still-hot economy could mean more aggressive interest rate hikes on the way from the Fed.
