Federal Reserve plans rate cut despite strong job growth

Financial Times February 11, 2024, 12:00 PM UTC

Summary: The Federal Reserve plans to cut rates despite a surge in January jobs growth. The US added 353,000 jobs, double the expected amount. Unemployment remains at 3.7%. A $7tn immigration-led economic boost is expected over the next 10 years, with 5.2mn more people in the labor force by 2033. The influx of workers has helped contain wage growth and alleviate labor market pressures. Some officials are concerned about the sustainability of the rise in workers.

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