{"id":111580,"date":"2021-02-05T16:15:29","date_gmt":"2021-02-05T16:15:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=111580"},"modified":"2021-02-05T16:15:29","modified_gmt":"2021-02-05T16:15:29","slug":"sluggish-recovery-us-economy-adds-49000-jobs-in-january","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/sluggish-recovery-us-economy-adds-49000-jobs-in-january\/","title":{"rendered":"Sluggish recovery: US economy adds 49,000 jobs in January"},"content":{"rendered":"
New York (CNN Business)<\/cite>The first jobs report of the Joe Biden presidency was less than okay — but Wall Street cheered anyway. Stocks rose Friday morning, extending all-time highs for the S&P 500 and Nasdaq. <\/p>\n The Dow gained more than 180 points, or 0.6% shortly after the opening bell. The government said that 49,000 jobs were added in January following a revised loss of 227,000 jobs in December. Economists had forecast a jobs gain of 50,000 for January. Wages rose only modestly last month however, news that isn’t great for American workers but could be encouraging for investors.
\nThe unemployment rate fell to 6.3% from 6.7% a month earlier. But that’s still much higher than the 3.5% jobless rate a year ago before the Covid-19 pandemic sent the economy into recession. <\/p>\n<\/ul>\n
\nThe slight wage gain suggests that inflation still isn’t a major economic threat, which likely means the Federal Reserve can hold interest rates near zero for a lot longer without having to worry that the economy will overheat.<\/p>\n