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NPR

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U.S. employes added a whopping 517,000 jobs in January : NPR

The U.S. labor market got an unexpected jolt last month, as employers added 517,000 jobs and the unemployment rate fell to its lowest level in more than half a century.

Not even the rain, snow and ice that blanketed much of the country last month was able to freeze the labor market.

Job gains for November and December were also revised up by a total of 71,000 jobs, according to a report Friday from the Labor Department. The January job tally is based on surveys conducted three weeks ago, when many states were in the grip of severe winter weather.

The data shows a job market that remains tight, even as the overall economy shows signs of slowing. The unemployment rate fell to 3.4% — a level not seen since May of 1969.

NPR

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The Fed raises interest rates by only a quarter-point : NPR

The Federal Reserve raised interest rates by a quarter percentage point Wednesday, its eighth increase in less than a year as the central bank continues its crackdown on inflation.

The hike in the Fed's benchmark rate is the smallest since last March, and signals that policymakers are shifting to a more cautious approach, after spending much of last year playing catch-up and boosting borrowing costs at the fastest pace in decades. A recession might be coming. Here's what it could look like Economy A recession might be coming. Here's what it could look like

Higher interest rates have begun to have the desired effect. Consumer spending has cooled in recent months. And inflation had dropped significantly, although prices are still climbing faster than the central bank would like.

NPR

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Americans are piling up credit card debt – and that can be costly : NPR

More Americans are leaning on their credit cards in the face of rising prices. And as interest rates continue to climb, that debt is getting a lot more expensive.

The average credit card user was carrying a balance of $5,474 last fall, according to TransUnion, up 13% from 2021.

That marks a reversal from the first year of the pandemic, when many Americans were able to pay down credit card debt, thanks to generous government relief payments and limited spending on travel and entertainment.

How Everything Became A Subscription

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I've never had a subscription, unless you count rent. Even my phone, I usually buy in larger blocks like a half year or a year, to save money.

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