Favorable jobs report in January

Labor Department statistics released Friday showed U.S. employers added 467,000 jobs in January, a higher number than analysts expected, even as the unemployment rate inched up from 3.9% to 4.0% last month.

The nation gained more jobs last year than in any year since 1978.

The jobless rate fell by nearly 3 percentage points in 2021 — from 6.7% to 3.9% — the sharpest yearly decline on record.

The hiring gains and brisk consumer spending were set against the backdrop of the highest inflation in 40 years and continuing supply-chain disruptions hampering the availability of many goods. Prices of food, energy and housing also soared, especially in the last half of 2021.

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