The robust growth kicked the unemployment rate down to 3.4% in January. The last time the unemployment rate reached 3.4% was in May 1969. The rate fell from December’s 3.5%, while economists had expected unemployment to climb to 3.6%.
While some conflicting reports have indicated job growth may not be as strong as the BLS reports suggest, revisions published by the BLS on Friday show job growth was actually stronger in 2022 than initial reports.
The Philadelphia Federal Reserve Bank previously reported that it believed the BLS overestimated job growth by more than a million in the second quarter of 2022, but the BLS revisions show it revising job growth down by only 59,000 jobs. Instead of adding 1,047,000 jobs in the second quarter, the latest revisions show the U.S. economy added 988,000 jobs.