US adds whopping 517K jobs in January; unemployment at lowest rate since 1969

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US adds whopping 517K jobs in January; unemployment at lowest rate since 1969
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The unemployment rate fell to 3.4% from 3.5% in January, hitting a level not seen since before Neil Armstrong stepped on the moon

Economists were expecting 185,000 jobs would be added last month, according to consensus estimates on Refinitiv.

The juggernaut of a report may cause complications for the Federal Reserve, which has been trying to tame high inflation with higher interest rates, said Seema Shah, chief global strategist of Principal Asset Management.

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