U.S. economy has added about 517,000 jobs last January as hiring unexpectedly surged despite high inflation, rising interest rates and the prospect of a weakening economy.
The unemployment rate in the U.S. has declined by 3.4 percent last month, which is the lowest it has ever been in half a century, according to the Labor Department on Friday.
This is a strong and surprising benefit to the Federal Reserve Board’s intention to slowing the growth and taming inflation with the yield hike, said the U.S. Department of Labor.
January’s employment growth rate, which has surpassed December’s 269 thousand, may raise doubts about whether the inflation pressures would ease in the upcoming months.
The Federal Reserve Bank has increased yield rates eight times since March, in an attempt to control the inflation, which has reached its highest rates in the past four decades last year, but it has decelerated since then.
