Job creation in the US surprises by accelerating strongly at the beginning of 2024. The economy generated 353,000 jobs in January and the unemployment rate stood at 3.7%.
The resilience of the American economy has defied all expectations. Economists predicted that reducing the lowest inflation in four decades would require triggering a full-blown recession by tightening monetary policy. The market now expects interest rate cuts and the Federal Reserve has begun to prepare the way for this, but Powell has asked for patience until he is confident that reducing inflation to 2%.