World News | US Added a Strong 517,000 Jobs in January Despite Fed Hikes

Washington, Feb 3 (AP) America's employers added a robust 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve's aggressive drive to slow growth and tame inflation with higher interest rates.

The unemployment rate dipped to 3.4 per cent, a new half-century low.

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Friday's government report added to the picture of a resilient labor market, with low unemployment, relatively few layoffs and many job openings even as most economists foresee a recession nearing.

Though good for workers, employers' steady demand for labor has also helped accelerate wage growth and contributed to high inflation.

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January's job growth, which topped December's 269,000 gain, could raise doubts about whether inflation pressures will ease further in the months ahead.

The Fed has raised its key rate eight times since March to try to contain inflation, which hit a four-decade high last year but has slowed since then. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)