The Bureau of Labor Statistics report for January 2023 has been released, which is quite favorable for the Biden administration.
1. The number of new jobs increased by 517 thousand, which is more than double the estimate of 190 thousand previously predicted by analysts;
2-3. Unemployment fell to 3,4%, the highest level since 1969. Unemployment among African Americans, which is usually above the average level, also turned out to be record low (for the entire period of observation);
4. However, Americans' labor market participation rate has not yet returned to pre-pandemic levels;
5. Salaries increased by 10 cents or 0,3 - the lowest level for the year. In just one year, salaries increased by 4,4%, which is higher than expected. At the same time, it is still below the inflation rate;
6. The largest number of jobs appeared in the catering and hotel business, education and healthcare, as well as the public sector.
Author: Yan Veselov
