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Economy

Labor market grew 353,000 in January, soaring past expectations

The unemployment rate has now been below 4 percent for two years -- the longest stretch since the 1960s

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Updated February 2, 2024 at 2:16 p.m. EST|Published February 2, 2024 at 6:00 a.m. EST
The U.S. economy has defied predictions of a recession. (Joe Raedle/Getty Images)
7 min

The U.S. economy added 353,000 jobs in January, a shockingly strong pickup, even as higher interest rates continue to ripple through the economy.

The unemployment rate held at 3.7 percent, and has now been below 4 percent for two years, the longest stretch since the 1960s.

Job gains were roughly double economists’ predictions of 177,000, underscoring that the labor market is propelling the economy forward, despite some high-profile layoffs at technology and media companies in January.