The latest job report provided another proof that not only did the United States manage to avoid recession, it is adding new jobs in unexpectedly high numbers, writes Paul Wiseman for The Philadelphia Inquirer.

The nation’s employers delivered a burst of hiring in January, adding 353,000 jobs to the economy. That surpassed the December gain of 333,000 new jobs and is around twice what economists had predicted.

Meanwhile, the unemployment rate remained at 3.7 percent, which is just above a 50-year low.

Wages also increased unexpectedly fast in January. Average hourly pay went up 0.6 percent compared to December, which represents the fastest monthly gain in almost two years. Hourly wages are up 4.5 percent compared to January 2023.

The rise in both hiring numbers and wages could complicate or even delay the Federal Reserve’s intention to begin reducing interest rates later in the year.

“Overall, the labor market remains strong and continues to defy expectations of a softening,’’ said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “For Fed officials, these data strongly support patience on rate cuts.”

Read more about the jobs report latest job provided proof that not only did the nation manage to avoid recession, it is adding new jobs in high numbers in The Philadelphia Inquirer.

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