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Surprisingly Good Jobs Report Ahead of Biden’s State of the Union Address
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In January, the USA had the lowest unemployment is 53 years
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517,000 new jobs so far in 2023
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A majority of Americans report feeling financially secure
After a year of post-pandemic inflation, January’s U.S. jobs report was stunning all around. Nonfarm payrolls increased by 517,000 for the month, shattering analysts’ estimate of 187,000. Unemployment rate fell to 3.4%, the lowest in more than 50 years.
An hourly wage growth of 0.3% — solid, but still moderating from the rest of the year and showing signs of cooling inflation. January’s job report paints a picture of an incredibly robust labor market.
President Biden responded to the encouraging jobs report: “Next week, I’ll be reporting on the state of the Union. But today, I’m happy to report that the state of the Union and the state of our economy is strong.”
He added, “Jobs are up, wages are up, inflation is down, and COVID no longer controls our lives.”
Recent polling indicates that a majority of Americans say their personal financial situation is good. The major economic improvements over the past year are expected to be a focus of his State of the Union address.
Biden will also call on lawmakers to responsibly raise the debt limit and keep the government funded. While the farthest right Republicans in the House and Senate call for cuts to Medicare and Social Security to balance the budget, Biden will vigorously defend these essential programs for American seniors.