517K Jobs Added In January, Unemployment Drops To 3.4%

The U.S. economy added 517K jobs in January 2023.
(screen capture via Fox News)

We keep hearing doom and gloom about the U.S. economy, but folks were surprised (again) today as the Bureau of Labor Statistics reported an especially strong jobs report (517K jobs) and the unemployment rate continued to inch down to historic lows.

From the Washington Post:

The labor market shattered expectations in January, as the economy added 517,000 jobs and the unemployment rate dropped to 3.4 percent, a low not seen since May 1969, according to data released Friday from the Bureau of Labor Statistics.

In the past week, the labor market showed other signs of strength. Unemployment insurance claims fell to a nine-month low in the last week of January. And job openings in the United States soared to 11 million in December, meaning there were 1.9 jobs available for every person seeking employment.

Read the full report here.

Related: Jobs Report Shows US Economy Gained 850,000 Jobs In June

Fox News had been teasing a “bloodbath” of a jobs report yesterday. And yet…not.