{"id":547465,"date":"2023-02-03T20:51:14","date_gmt":"2023-02-03T17:51:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/"},"modified":"2023-02-03T20:51:14","modified_gmt":"2023-02-03T17:51:14","slug":"five-takeaways-on-a-surprisingly-strong-january-jobs-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/","title":{"rendered":"#Five takeaways on a surprisingly strong January jobs report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3be5e600ac2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3be5e600ac2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/#Five_takeaways_on_a_surprisingly_strong_January_jobs_report\" >Five takeaways on a surprisingly strong January jobs report<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/#Nobody_was_expecting_this\" >Nobody was expecting this<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/#The_report_puts_the_spotlight_on_inflation\" >The report puts the spotlight on inflation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/#Wage_growth_is_slowing_even_as_jobs_are_booming\" >Wage growth is slowing even as jobs are booming<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/#The_Fed_has_a_tough_call_to_make\" >The Fed has a tough call to make<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/five-takeaways-on-a-surprisingly-strong-january-jobs-report\/#The_report_is_a_win_for_Biden_ahead_of_the_State_of_the_Union\" >The report is a win for Biden ahead of the State of the Union<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Five_takeaways_on_a_surprisingly_strong_January_jobs_report\"><\/span>Five takeaways on a surprisingly strong January jobs report<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<p>The U.S. economy added 517,000 jobs in January, more than doubling Wall Street expectations and turning up its nose at prognosticators of an imminent recession.<\/p>\n<p>The unemployment rate dropped to 3.4 percent, the lowest level since 1969. Analysts were expecting it to move in the opposite direction, ticking up to 3.6 percent.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>The monthly jobs gain of 517,000 tops the average monthly gain of 401,000 for 2022, a year that already had strong job growth as the economy continued its recovery from the coronavirus pandemic.<\/p>\n<p>Further revisions by the Labor Department showed that the economy added a half million more jobs in 2022 than previously recorded.<\/p>\n<p>\u201cTwelve million jobs added in the US in the past 24 months, with 5 million of those in the past 12 months. Yes, this is still mostly pandemic\/recession recovery, but it\u2019s an extremely rapid pace of growth even for a recovery,\u201d University of Central Arkansas economist Jeremy Horpedahl wrote online on Friday.<\/p>\n<p>Here are the top takeaways from Friday\u2019s surprising jobs report.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Nobody_was_expecting_this\"><\/span>Nobody was expecting this<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1400\" height=\"787\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?w=900\" alt=\"\" class=\"wp-image-3760280\" srcset=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg 1400w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=160,90 160w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=300,169 300w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=768,432 768w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=1280,720 1280w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=645,363 645w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=320,180 320w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=256,144 256w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=512,288 512w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=640,360 640w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=876,492 876w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=960,540 960w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/hiring_110222getty_inflation.jpg?resize=50,28 50w\" sizes=\"auto, (max-width: 899px) 100vw, 876px\"><figcaption class=\"wp-element-caption\"><sub>NEW YORK, NEW YORK \u2013 DECEMBER 02: A hiring sign is displayed in a window of a store in Manhattan on December 02, 2022 in New York City. (Photo by Spencer Platt\/Getty Images)<\/sub><\/figcaption><\/figure>\n<p>January\u2019s job numbers caught analysts by surprise.<\/p>\n<p>\u201cToday\u2019s report is an echo of 2022\u2019s surprisingly resilient job market, beating back recession fears. The Fed has a New Year\u2019s Resolution to cool down the labor market, and so far, the labor market is pushing back,\u201d Daniel Zhao, an analyst with employment company Glassdoor, wrote in an analysis.<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>The positive statistics on jobs are being reflected in the personal stories of many workers and job seekers who are expressing an increased freedom to change their working situations.<\/p>\n<p>Rocknide, a former nurse\u2019s assistant who works now at FedEx and who declined to provide her last name, said she changed jobs during the pandemic so that she could spend more time taking care of her 3-year-old.<\/p>\n<p>\u201cI didn\u2019t go back [to my previous job] because I didn\u2019t have someone to watch my child [and] because it required longer time than the job I have now. Now it\u2019s better because I just have to go work overnight, and during the day I can take care of my child,\u201d the 15-year New York City resident told The Hill.<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>\u201cI make less money now, but I have more time. I choose to make less money because I need more time with my child,\u201d she said.<\/p>\n<p>Maria Tompkins, a former logistics specialist in the TV production industry who recently started a new job in strategy for a tech company, said she was \u201clucky\u201d to be able to switch careers.<\/p>\n<p>\u201cIt was especially the job conditions\u201d that made her want to change, she told The Hill in an interview. \u201cFor production in particular. With the pandemic and all the hoops we had to jump through to manage on-site film sets, and the workload just getting more and more crazy without a pay increase h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening \u2014 that was huge.\u201d<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<h2><span class=\"ez-toc-section\" id=\"The_report_puts_the_spotlight_on_inflation\"><\/span>The report puts the spotlight on inflation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1400\" height=\"787\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?w=900\" alt=\"\" class=\"wp-image-3819858\" srcset=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png 1400w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=160,90 160w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=300,169 300w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=768,432 768w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=1280,720 1280w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=645,363 645w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=320,180 320w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=256,144 256w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=512,288 512w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=640,360 640w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=876,492 876w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=960,540 960w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/elderly_older_americans_04282020_AP22269797656957.png?resize=50,28 50w\" sizes=\"auto, (max-width: 899px) 100vw, 876px\"><figcaption class=\"wp-element-caption\"><sub>FILE \u2013 An elderly shopper wears personal protective equipment as she browses the meat section of a grocery store on April 18, 2020, in the Harlem neighborhood of the Manhattan borough of New York. (AP Photo\/John Minchillo, File)<\/sub><\/figcaption><\/figure>\n<p>The red-hot jobs report is putting the spotlight on inflation, which has been falling since the middle of last year despite a persistently tight labor market.<\/p>\n<p>Traditional economic thinking says that as unemployment goes up, inflation comes down, a relationship reflected in an economic model known as the Phillips Curve. That\u2019s because wage costs are a significant \u2014 and often the dominant \u2014 force behind the price of goods and services.<\/p>\n<p>But economists are starting to reconsider this relationship in light of falling inflation. The consumer price index (CPI) has dropped to 6.5 percent annually off a high of 9.1 percent last June. The personal consumption expenditures price index (PCE) has similarly fallen to 5 percent annually from 6.8 percent last year.<\/p>\n<aside class=\"ad-unit ad-unit--mr5_ab\"><\/aside>\n<p>\u201cThe Phillips Curve is wrong,\u201d former Federal Reserve economist and founder of Sahm consulting Claudia Sahm wrote in a December blog post. \u201cUnemployment remains low, and inflation has come down notably. We are not yet at the Fed\u2019s 2 percent target, but the progress is undeniable and without a recession.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wage_growth_is_slowing_even_as_jobs_are_booming\"><\/span>Wage growth is slowing even as jobs are booming<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"2673\" height=\"1782\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?w=900\" alt=\"\" class=\"wp-image-3773385\" srcset=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg 2673w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=300,200 300w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=768,512 768w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=1080,720 1080w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=1536,1024 1536w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=2048,1365 2048w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=645,430 645w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=50,33 50w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/a9fa565d99bf4ed988c62c1a611e958a.jpg?resize=876,584 876w\" sizes=\"auto, (max-width: 899px) 100vw, 876px\"><figcaption class=\"wp-element-caption\"><sub>FILE \u2013 Starting wages are advertised on a sign in the window of a Taco Bell in Sacramento, Calif., Monday, May 9, 2022. (AP Photo\/Rich Pedroncelli)<\/sub><\/figcaption><\/figure>\n<p>While high levels of employment may not be contributing to lower price levels, moderation in wage growth may be helping to bring inflation down.<\/p>\n<p>Friday\u2019s job report showed that over the past 12 months, average hourly earnings have increased by 4.4 percent, down from 4.6 percent as measured last month. That\u2019s the slowest rate since July 2021.<\/p>\n<aside class=\"ad-unit ad-unit--mr6_ab\"><\/aside>\n<p>That moderation was mirrored in the employment cost index (ECI) reported by the Labor Department earlier this week, which came in under expectations at 1 percent.\u00a0<\/p>\n<p>Unit labor costs have been tapering since the first quarter of 2021, putting the focus on profits instead of labor costs as a primary driver of inflation.<\/p>\n<p>\u201cThe labor costs are a reminder of how much of current inflation is due to profits,\u201d UBS analyst Paul Donovan wrote in a note to investors on Thursday.<\/p>\n<aside class=\"ad-unit ad-unit--mr7_ab\"><\/aside>\n<h2><span class=\"ez-toc-section\" id=\"The_Fed_has_a_tough_call_to_make\"><\/span>The Fed has a tough call to make<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1400\" height=\"787\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?w=900\" alt=\"\" class=\"wp-image-3697863\" srcset=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg 1400w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=160,90 160w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=300,169 300w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=768,432 768w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=1280,720 1280w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=645,363 645w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=320,180 320w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=256,144 256w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=512,288 512w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=640,360 640w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=876,492 876w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=960,540 960w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/10\/powelljerome_092322ap-manuel-balce-ceneta_federal-reserve.jpg?resize=50,28 50w\" sizes=\"auto, (max-width: 899px) 100vw, 876px\"><figcaption class=\"wp-element-caption\"><sub>Federal Reserve Board Chairman Jerome Powell at the Federal Reserve building, Friday, Sept. 23, 2022, in Washington. (AP Photo\/Manuel Balce Ceneta)<\/sub><\/figcaption><\/figure>\n<p>Record-high employment paired with tapering wage growth and labor costs is a double-edged sword for the Fed, which has been raising interest rates since last March in response to rising inflation.<\/p>\n<p>The Fed has hiked interest rates eight times in a row since last year, starting off slow at first and then ramping up to four consecutive 75-point hikes in the fourth quarter. It delivered its smallest rate hike this week of 25 basis points since tightening began and is expected to deliver another 25-point hike after its meeting in March.<\/p>\n<p>It\u2019s not clear what the Fed will do after that, but Friday\u2019s powerful jobs number could be a sign to the Fed that more rate hikes are needed. It could even inspire a return to higher rate hikes.<\/p>\n<p>In a statement released Wednesday, the Fed\u2019s rate setting committee said it \u201canticipates that ongoing increases in the target range will be appropriate\u201d and that it\u2019s working to determine the \u201cextent of future increases.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_report_is_a_win_for_Biden_ahead_of_the_State_of_the_Union\"><\/span>The report is a win for Biden ahead of the State of the Union <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1400\" height=\"788\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?w=900\" alt=\"\" class=\"wp-image-3840239\" srcset=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg 1400w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=160,90 160w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=300,169 300w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=768,432 768w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=1280,720 1280w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=645,363 645w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=320,180 320w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=256,144 256w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=512,288 512w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=640,360 640w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=876,493 876w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=960,540 960w, https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/Biden-WH-01-Feb-2023-06.18-PM.jpg?resize=50,28 50w\" sizes=\"auto, (max-width: 899px) 100vw, 876px\"><figcaption class=\"wp-element-caption\"><sub>President Biden speaks during an event to thank outgoing White House chief of staff Ron Klain, in the East Room of the White House in Washington, Wednesday, Feb. 1, 2023. (AP Photo\/Susan Walsh)<\/sub><\/figcaption><\/figure>\n<p>President Biden took an early victory lap on the jobs report on Friday, telling reporters that his economic agenda \u201cis working.\u201d<\/p>\n<p>\u201cPut simply, I would argue that the Biden economic plan is working,\u201d he said. \u201cEven as the job market reaches historic highs, inflation continues to come down.\u201d<\/p>\n<p>Friday\u2019s quick speech on the economy will likely serve as a prelude to next week\u2019s State of the Union address, where Biden is expected to tout the economic recovery from the coronavirus pandemic as well as the drop in inflation.<\/p>\n<p>\u201cInflation has now fallen for six straight months. Gas prices are down more than $1.50 a gallon since their peak, and food inflation is falling as well,\u201d Biden said.<\/p>\n<p>Biden also referenced the recent growth in gross domestic product (GDP), which was up at an annualized rate of 2.9 percent in the fourth quarter following a 3.2 percent uptick in the third. GDP finished off 2022 at a positive 2.1-percent growth rate even after contracting during the first and second quarters.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/policy\/finance\/3842852-five-takeaways-from-an-explosive-january-jobs-report\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Five takeaways on a surprisingly strong January jobs report The U.S. economy added 517,000 jobs in January, more than doubling Wall Street expectations and turning up its nose at prognosticators of an imminent recession. The unemployment rate dropped to 3.4 percent, the lowest level since 1969. Analysts were expecting it to move in the opposite&#8230;<\/p>\n","protected":false},"author":1,"featured_media":547466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/01\/86a00f0234724003ab39ddf0d8e16163.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[134418,134661,10595,70550,70610,70551,74142,71525,115,91261,134345,5071,139390],"class_list":["post-547465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-congress-blog","tag-energy-environment","tag-environment","tag-federal-reserve","tag-finance","tag-inflation","tag-jobs-report","tag-national-security","tag-news","tag-recession","tag-state-watch","tag-unemployment","tag-wage-growth"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=547465"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547465\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/547466"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=547465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=547465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=547465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}