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Wednesday, May 1, 2024

US job growth beats forecasts

US job growth beats forecasts

Numbers surprise market in light of heavy absenteeism caused by Covid

A woman walks past a “Now Hiring” sign in front of a store in Arlington, Virginia. (AFP Photo)

WASHINGTON: US employers added more jobs than forecast last month, despite a surge in Covid-19 infections and related business closures.

Nonfarm payrolls increased by 467,000 in January after a gain of 510,000 gain in December, a Labor Department report showed Friday. The unemployment rate ticked up to 4%, and average hourly earnings jumped.

The median estimate in a Bloomberg survey of economists called for a gain of just 125,000 positions, though forecasts ranged widely. A variety of factors including Omicron and the methods used to account for workers who are…

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