US adds over half a million jobs

The U.S. economy added a thumping 517,000 jobs in January — the most in six months — obliterating economists' expectations of 187,000. The acceleration in the pace of payroll growth, from 223,000 in December, also pushed the unemployment rate down 0.1 percentage point, to a 53-year low of 3.4%. Friday's Labor Department report undermines the view that eight straight interest-rate increases by the Federal Reserve would slow the economy enough to loosen an "exceptionally tight" labor market and help cool decades-high inflation.

• Wage growth, a key concern of the Fed, slowed slightly to 0.3% from December.
• Even as tech and media companies have let go of tens of thousands of workers, average layoffs in the past two years have been lower than at any time since 2000, when the records began.