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

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.

Fox News expected a weak jobs report. Instead, there is reportedly now the lowest unemployment since 1969. pic.twitter.com/tR6MTY83bf

— Media Matters (@mmfa) February 3, 2023

Under Biden: – lowest unemployment rate in 50 yrs, lowest poverty/uninsured rates ever – GDP growth 3+%, best recovery in G7, dollar strong – 2 jobs per unemployed person, elevated wage gains/new business starts – trade deficit/budget deficit down 3/https://t.co/QWMp3HiMRq

— Simon Rosenberg (@SimonWDC) January 29, 2023

This morning, we learned the economy created 517,000 jobs in January. We also learned we did better last year than previously thought. Add that up, and we’ve created 12 million jobs since I took office. That’s the two strongest years of job growth in history – by a long shot.

— President Biden (@POTUS) February 3, 2023

We just created more jobs in two years Than any president ever has In any four-year term.

— President Biden (@POTUS) February 3, 2023