In January, the US job growth rose, while employers had been hiring most in past eleven months, highlighting the underlying strength of the US economy despite a gloomier financial outlook, that kept the Federal Reserve wary of hiking interest rates any more this year.
Data revealed by US labor department on Friday, February 1st, showed that there had been very little impacts of 35-day long partial federal government shutdown to the US labor market, although, the longest shutdown in US history had spiked the unemployment rate to 4.0 percent, a seven-month high.
The report unveiled itself two days after the Federal Reserve had declared that their three-year long rate hike campaign might have come to an end due to growing worries about sluggish growth and volatility in the financial markets.
Despite an upbeat non-farm payroll report that jumped to 3,04,000 jobs on January, its largest gain since February 2018, the American dollar failed to prevail a downswing momentum, which had been found foundering closer to its initial resistance level at 94.82, while the US stocks remained riant over the hope of a salubrious conclusion of US-China tariff conflict, amid tempestuous corporate earnings reports.
Addressing to a stronger US economy that had not yet let the global growth worries over-throne the market momentum, a chief economist at MUFG in New York, Chris Rukpey said, “The Fed chickened out on further rate hikes this year and boy are they ever misreading the tea leaves on where the economy is going next.
U.S. companies have not let up one bit on their hiring in response to risks out there in the world economy. ”