U.S. nonfarm payroll growth blows past forecasts in January, up 517k
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By Geoffrey Smith
Investing.com -- Job growth in the U.S. blew past expectations in January, the latest in a series of bewilderingly strong data from the labor market.
The Labor Department said nonfarm payrolls grew by 517,000 through the middle of the month, abruptly snapping a four-month trend of slowing job gains. Analysts had expected a further slowdown to 185,000, which would have been the slowest job growth in nearly two years.
December's data were also revised up to show a gain of 260,000 jobs, rather than the 223,000 originally reported.
The dollar gained over 0.5% in response, while stock futures fell as traders were forced to re-evaluate bets that an economic slowdown will force the Federal Reserve will cut interest rates later this year.
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