Economics
U.S. Jobs Surge Defies Omicron, Puts More Pressure on Fed
- Employers added 467,000 jobs in January, above all estimates
- Unemployment rate ticked up to 4% while hourly wages jumped
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The U.S. labor market showed unexpected strength last month despite record Covid-19 infections, extending momentum into the new year as surging wages added more pressure on the Federal Reserve to raise interest rates.
A broad-based 467,000 gain in nonfarm payrolls, which exceeded all economists’ projections, followed a 709,000 total upward revision to the prior two months, Labor Department figures showed Friday. The unemployment rate ticked up to 4%, and average hourly earnings jumped.