Much is being made of the latest jobs data.
The January employment report showed the economy created 517,000 new jobs in the first month of the year. This was almost three times more than the 187,000 jobs that analysts expected.
The unemployment rate fell to 3.4%, also significantly better than expectations of 3.6%. That’s the lowest jobless level since May 1969.
Many pundits pointed to the data as evidence that the economy can avoid a recession. Unfortunately, the numbers don’t line up.
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