President Joe Biden will deliver remarks on the state of the economy on Friday after the latest job report exceeded expectations and offered the president a boost days before the State of the Union.
The economy gained 517,000 jobs in January, according to figures reported by the Bureau of Labor Statistics on Friday morning. The figures far outpaced the projected 185,000 jobs, with unemployment predicted to rise by a tenth of a percentage point rather than falling to 3.4%.
UNEMPLOYMENT AT LOWEST LEVEL SINCE 1969 AS ECONOMY SMASHES EXPECTATIONS
The strong labor market is coupled with recent reports suggesting inflation is beginning to decline. But reports indicate that a recession is still possible due to interest rate hikes issued by the Federal Reserve. Two consecutive quarters of GDP decline are typically indicative of a recession. The GDP fell in the first two quarters of 2022 but recovered in the last two.
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Despite the recovery, more than two-thirds of the economists polled by the Wall Street Journal predict a recession to hit within the next 12 months.
