Payrolls surged by 467,000 in January, confounding economists

'Average people are getting clobbered by the price of everything today': President Biden says he will do 'everything in my power' to work with Congress to lower rising consumer prices and 'make our capitalist system work better'

Job growth around the U.S. was robust in January with employers adding 467,000 new hires, surprising economists who had forecast that the COVID-19 wave caused by the Omicron variant would dampen payrolls.

"[W]hile omicron had a clear impact on day to day life in the United States, the labor market impact was less severe than expected," Nick Bunker, economic research director for Indeed, said in a note."As we have seen in the past, the economic fallout from each successive wave of the pandemic has been smaller and smaller."

"We're not expecting to see wage growth slow down anytime soon," Julia Pollak, labor economist at ZipRecruiter, told CBS MoneyWatch this week."We now have a record low number of unemployed people per job opening. ... Add inflation in the mix and employees are demanding more, and employers feel pressured to give it to them."

"Even though the theme for 2021 was labor shortages, and we were asking where the workers are, the fact of the matter is we saw very significant job gains in 2021," said Daniel Zhao, senior economist at Glassdoor."Unemployment dropped much faster than expected, labor force participation improved significantly. We saw many workers coming back into the labor force, even though it wasn't a tidal wave that revolved around a single event.

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