The U.S. economy added 257,000 jobs in January, as the unemployment rate rose to 5.7 percent, the Bureau of Labor Statistics reported Friday.
More from the AP:
WASHINGTON (AP) — U.S. employers hired at a stellar pace last month, wages rose by the most in six years, and Americans responded by streaming into the job market to find work.
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There are now 3.2 million more Americans earning paychecks than there were 12 months ago. That lifts consumer spending, which drives about 70 percent of economic growth.
More hiring, along with sharply lower gasoline prices, has boosted Americans’ confidence and spending power. Consumer confidence jumped in January to its highest level in a decade, according to a survey by the University of Michigan. And Americans increased their spending during the final three months of last year at the fastest pace in nearly nine years.
