U.S. job growth surged in January, with employers hiring the most workers in 11 months, pointing to underlying strength in the economy despite a darkening outlook that has left the Federal Reserve wary about more interest rate hikes this year.
The Labor Department’s closely watched monthly employment report on Friday showed no “discernible” impact on job growth from a 35-day partial government shutdown. But the longest shutdown in history, which ended a week ago, pushed up the unemployment rate to a seven-month high of 4.0 percent.
The report came two days after the Fed signaled its three-year interest rate hike campaign might be ending because of rising headwinds to the economy, including financial market volatility and slowing global growth.
Reuters
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