- The increase in jobs last month easily beat the market estimate and underscores the remarkable strength of the US labor market.
- The unemployment rate stayed at 3.7%, near the lowest level since the 1960s.
- Hourly wages rose a sharp .6% in January, the biggest increase in almost two years.
- The strong labor market has insulated the U.S. from a recession, and if the Fed cuts interest rates this year as expected, the economy could improve enough to stoke more hiring.
- Inflation is now down to 3% year over year, moving closer to the Fed's goal of 2%.
- There are almost 5 million more jobs than in Feb 2020 - - just before the pandemic.
- "The United States has really outperformed relative to other countries for the past year." -Innes McFee, Chief Global Economist for Oxford Economics. The US economy has powered ahead of China, the EU, the UK, Canada and other advanced economies.
Great to see the economy humming in what is still the greatest country on earth.