Employers added a surprisingly strong 517,000 jobs in January as hiring surged despite high inflation, rising interest rates
President Biden's second State of the Union will likely cover economy and police reform
In a more encouraging development, average hourly earnings rose 10 cents to $33.03, pushing down the annual increase to a still elevated 4.4% from 4.6% the previous month.Still, futures traded for the Dow Jones Industrial Average dropped by nearly 80 points after the report was released on the belief it could mean more Fed rate increases.
Some downshifting in job growth was anticipated after the U.S. last August finally recovered all 22 million jobs wiped out by COVID. At Creative Noggin, a San Antonio-based marketing agency, revenue leaped 33% last year and the firm added four employees to a staff of 11, says CEO Tracy Marlowe. Now, with her firm’s revenue projected to increase another 15% to 20% this year, Marlowe is seeking a financial manager and copywriter and will likely bring on others, she says. She’s also taking advantage of a bigger labor pool, noting she’s been getting about 25 applications a day for the financial manager role compared to a trickle for postings in 2021 and early 2022.
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