CAUTION…..
This figure WILL BE adjusted next month as is the norm….
(The adjusted numbers tend to go downward)
The jobless rate?
Went UP…..
Wages DECREASED……
The report notes that there have been ten’s opf thosands of job layoff’s….
As postive as President Biden is gonna be from his Labor Dept.’s numbers?
The American Economy STILL ain’t ALL that….
Consumer prices KEEP GOING UP…..
And?
Ole’ Ole’ Jerome at the Fed is working hard to make it worst…..
Friday’s report from the government made clear that the nation’s job market remains fundamentally healthy, with many employers still eager to hire. Fed Chair Jerome Powell told Congress this week that the Fed would likely ratchet up its rate hikes if signs continued to point to a robust economy and persistently high inflation. A strong job market typically leads businesses to raise pay and then pass their higher labor costs on to customers through higher prices.
Last month, the government reported a surprising burst of hiring for January — 517,000 added jobs — though that gain was revised down slightly to 504,000 in Friday’s report. Consumers also ramped up their spending in January, suggesting that the economy had strengthened at the start of the year. The Fed’s preferred inflation gauge also accelerated.
With February’s sizable job growth coming after January’s expansive gain, the Fed may accelerate its rate hikes to combat inflation. When the Fed tightens credit, it typically leads to higher rates on mortgages, auto loans, credit card borrowing and many business loans.
What the Fed may decide to do about interest rates when it meets later this month remains uncertain. The decision will rest, in part, on its assessment of Friday’s jobs data and next week’s report on consumer inflation in February. Last month, the government’s report on January inflation had raised alarms by showing that consumer prices had reaccelerated on a month-to-month basis.
The vigorous job growth for January, reported early last month, was the first in a series of reports to point to an accelerating economy at the start of the year. Sales at retail stores and restaurants also jumped, and inflation, according to the Fed’s preferred measure, rose from December to January at the fastest pace in seven months.
The stronger data reversed a cautiously optimistic narrative that the economy was cooling modestly — just enough, perhaps, to tame inflation without triggering a deep recession. Now, the economic outlook is hazier.
High borrowing rates have cratered the housing market, with home sales having dropped for 12 straight months, a consequence of the average mortgage rate nearly doubling over that time. Manufacturing is also showing signs of weakness. Higher rates have made it harder for businesses and consumers to borrow to buy major factory goods, from machinery to cars to appliances….
Note…
California was responsible for 18.7 percent of the nation’s job growth in January 2023 — adding 96,700 non-farm roles out of 517,000 nationwide, a report revealed on Friday.
In comparison to the previous January, the Golden State’s total non-farm jobs increased by 599,500 — or by 3.5 percent — slightly surpassing the U.S. annual gain of 3.3 percent, according to the report, released by the state’s Employment Development Department (EDD).
“California has added more than 3 million jobs since April 2020 — the biggest hiring spree in the nation,” Gov. Gavin Newsom’s (D) office said in a statement.
Although California created nearly 19 percent of the country’s new jobs in January, the state’s more than 39 million residents represent just about 11.7 percent of the total U.S. population, according to the Census Bureau….