The economy again beat expectations in January and added 353,000 jobs, the Bureau of Labor Statistics reported Friday morning, showing that the labor market started 2024 on strong footing after defying fears of a recession throughout 2023.
The unemployment rate stayed the same at 3.7%. Notably, the unemployment rate remains low by historical standards.
The continued employment growth is good news for the White House, which has been working to credit President Joe Biden for the strong job creation over recent months, characterizing the underlying strength of the labor market and broader economy as “Bidenomics” in action.
Dan North, senior economist with Allianz Trade Americas, told the Washington Examiner that the report sailed past expectations. He said that the headline number might eventually be revised down and that some seasonal distortions might be at play.
“It’s way better than expected, in fact it’s so much better I’d call it incredible,