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Why Boeing’s woes could drive up airline prices for consumers

Albert Elence — Wed, 20 Mar 2024 20:05:24 +0000

Boeing’s troubles since the blow to the doors of United Airlined have been constant – now travelers are facing canceled routes and fare increases this summer.

Since a door plug blew out of a Boeing 737 Max during an Alaska Airlines flight in January, Boeing has lurched from crisis to crisis — and its stock has fallen by a quarter.

While they investigate what went wrong, federal investigators have limited production of 737 Max planes — meaning U.S. airlines won’t get all the planes expected before the summer.

A shortage of aircraft means airlines will not be able to offer as many flights, an expert says. It also means that prices will rise as demand for remaining flights increases.

So far this year, Boeing has delivered just 42 planes to customers, despite a backlog of more than 4,700 orders.

The Federal Aviation Administration has limited production of the 737 Max due to safety concerns

Southwest previously expected 79 737 Max planes this year, but that forecast was reduced to 46

US airlines typically use the Boeing 737 Max for domestic flights, as well as some international routes to destinations in North America, Central America and the Caribbean.

So far this year, Boeing has delivered just 42 planes to customers, despite a backlog of more than 4,700 orders.

US airlines expect 737 Max deliveries

United – 349 open orders

Southwest – 483 open orders

Alaska Airlines – 80 open orders

Delta – 100 unfulfilled orders

US airlines – 71 open orders

Source: Boeing filings

“Consumers may not have as many flights and airlines may not be able to offer as many flights.” Henry Harteveldt, aviation analyst at Atmosphere Research Group, told CBS MoneyWatch.

“Airlines are indicating that summer demand looks good, and that suggests to me that airfares would be higher anyway,” Harteveldt added.

‘But if an airline does not have all the aircraft it expects to have and therefore cannot operate all flights at all capacity, there is a chance that airfares will be higher than they would otherwise be.’

Southwest Airlines – one of the biggest buyers of the 737 Max – last week said in a file that Boeing had previously recommended delivering 79 planes this year, but cut that forecast to just 46.

Earlier this month, United told staff in an internal memo seen by CNBC that they would suspend hiring of new pilots until May and June “due to the continued certification of new aircraft and production delays at Boeing.”

“As you know, United has hundreds of new aircraft on order and while we remain on track to become the fastest-growing airline in the industry, we will not grow as quickly as we thought in 2024 due to continued delays at Boeing,” executives wrote.

A Boeing 787 flying from Sydney to Auckland took a terrifying dive last week after a flight attendant serving a cockpit meal accidentally pressed a switch on the pilot’s seat

United expected 43 Boeing 737 Max 8 and 34 Max 9 models this year, but now expects only 37 and 19, respectively, according to a company file.

The company also told Boeing to stop production of 737 Max 10 jets it had previously ordered.

Meanwhile, Ryanair expected to receive 57 aircraft in June but is now expected to receive only 40. CEO Michael O’Leary recently said he was “very disappointed with these latest delivery delays from Boeing” ahead of the summer travel peak.

As a result, the airline said it would be forced to make “minor schedule changes” that would reduce frequencies on existing routes.

Boeing’s problems worsened last week after a 787 Dreamliner flying to New Zealand went into a nosedive after a problem with the pilot’s seat caused it to fall onto the controls.

On Friday, another Boeing-built United Airlines plane was grounded after it was found to be missing a panel after landing after a flight.

The aircraft is a Boeing 737-824 and despite the missing part it landed successfully at Medford Airport in Oregon.

No injuries were reported, Jackson County Airport Director Amber Judd said, adding that the flight originated from San Francisco.

She reiterated that the plane was not a new aircraft, contrary to the series of incidents in recent months.

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Coles dismisses ‘wild’ claim that every customer is secretly given an ‘electronic signature’ when they enter

Albert Elence — Thu, 14 Mar 2024 23:40:06 +0000

By Louise Allingham for Daily Mail Australia

Published: 7:27 PM EDT, March 14, 2024 | Updated: 7:27 PM EDT, March 14, 2024

Coles has been forced to deny placing an ‘electronic signature’ on every customer when they enter the store.

A customer said he would never shop at the supermarket again after claiming staff told him cameras follow customers around the store and place a red dot on their heads that turns green after they pay to deter theft.

However, Coles has strongly refuted the claims, saying the customer’s story is false and that facial recognition technology is not used in stores.

‘While shopping, my partner suddenly has to go to the toilet. However, the gate wouldn’t let her out of the store so she ran around in panic until she found an employee who opened the gate for her,” the Gold Coast man said in a Facebook post.

“When we talked to three different employees about it afterwards, we were told that every time we enter the store, an electronic ‘signature’ is printed in our heads as a red dot that is recognized on their computer screens.”

Coles has refuted claims from a customer who said staff told him the store uses facial recognition technology to place an ‘electronic signature’ on each customer

He said he was told the red dot turns green after customers pay and open security gates so they can leave.

‘Three questions about this: Why aren’t we told this when we come in? No signs at all. What effect does that electronic imprint have on my body? What health consequences are there? Does it cause cancer or some other disease,” he complained.

“Is this a precursor to the digital currency where we are banned from shopping if our social credit score does not meet the current standard?”

The disgruntled shopper’s post was shared 1,600 times on Facebook and divided commenters, with many expressing skepticism.

“This isn’t true at all!” said one user and a second replied: ‘Sounds very sci-fi and unreal. What a strange experience’.

Coles has strongly denied the claims, saying the customer’s story is false and that facial recognition technology is not used in stores.

“When you go back inside, remember your tin foil hat!” joked a third.

‘That’s news to me. I’ve never had that problem when shopping at Coles,’ one person added.

A spokesperson for Coles told FEMAIL that absolutely no ‘signature imprint’ technology is used, as the man claimed.

‘We do not use facial recognition technology in our stores. The claims made in this social post are not true,” they said.

“The safety of our team members and customers is our top priority, and we have a range of security measures in place to reduce theft from our stores, including new smart gate technology.

‘This technology uses overhead sensors in the checkout area to detect movement from the point of sale to the exit, automatically opening the gates once customers have completed payment for their items.’

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Telephone Network is offering FREE pizza this week – you don’t have to be a customer

Jeffrey Bailey — Wed, 13 Mar 2024 16:08:45 +0000

GIFFGAFF is offering people free pizza this week, even if you’re not a customer.

The network provider is giving away 1,000 takeaways via Deliveroo on Friday.

This Friday, 1,000 people can grab a free pizzaCredit: Getty

It is aimed at those hit by mid-contract price increases in April, with big names including EE, Virgin Media O2, Sky, Vodafone and TalkTalk set to see their contract bills increase.

View a full overview of the expected increases from eleven major mobile and broadband companies here.

Providers normally increase their prices annually based on the inflation rate plus up to 3.9% more.

The December CPI figure (4%) or the January RPI figure (4.9%) are used by many mobile and broadband companies to increase prices.

The increases will take effect for millions of customers on March 31 or April 1.

Giffgaff says it is one of the few networks that will not increase its prices mid-contract and wants to soften the blow for those affected.

Below we have explained exactly who is affected by the price increases

The company has pledged not to implement any interim price increases on 18-month contracts purchased before the end of 2024.

As part of the promotion, only 1,000 pizzas worth €17.65 are being offered.

Those interested will have to enter via GIFFGaff’s Instagram page, @gifgaffmobile.

In the comments section you have to answer the question: “What won’t giffgaff do?”

The answers you can choose from are: “1) Increase your mobile bill mid-contract” or “2) Giveaway pizzas”.

Easy ways to reduce your mobile bill

Participants must answer 1 or 2 followed by a pizza emoji for a chance to win one of 1,000 free pizzas.

Ash Schofield, CEO of Giffgaff, said: “As the network has committed to no mid-contract price increases, we wanted to bring some much-needed joy to those affected by April’s mobile phone price increases.

“While we can’t prevent price increases from other networks in the industry, we decided we could treat the nation differently – with their favorite takeaway.”

How does text-to-switch work?

TEXT-to-switch makes it faster and easier to leave your mobile company by giving you control over how much contact you have with your existing carrier.

This is how it works:

Text ‘PAC’ to 65075 – and keep your mobile number

Text ‘PAC’ to 65075 to start the process
The existing provider will text back within a minute and send the PAC number, which is valid for 30 days
The provider’s response should also include information about any early termination fees or pay-as-you-go balances
The customer then passes on the PAC number to his new provider
The new provider must ensure that the switch is completed within one working day

Text ‘STAC’ to 75075 – and receive a new mobile number

Most people want to keep their number when they switch, but one in six does not
Text ‘STAC’ to 75075 to receive a service termination authorization code
The rest of the process is the same as above

Text ‘INFO’ to 85075 – and find out more

If you are unsure whether you will be charged an early termination fee, text “INFO” to 85075
You will only receive this information

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America’s red-hot labor market added 275,000 jobs in February, reducing the likelihood of an imminent rate cut

Albert Elence — Fri, 08 Mar 2024 14:18:14 +0000

Despite high interest rates, a resilient economy created more jobs than expected

By Neirin Gray Desai Consumer reporter for Dailymail.Com

Published: 09:08 EST, March 8, 2024 | Updated: 09:14 EST, March 8, 2024

The US added about 275,000 jobs in February as workforce growth continues.

The number was nearly 100,000 higher than economists expected and complicates the Federal Reserve’s decision on when to cut rates.

Unemployment rose 0.2 percent to 3.9 percent, the US Bureau of Labor Statistics reported on Friday. While this is an increase, overall it is still the lowest level since the late 1960s.

Sectors that saw the most job growth were healthcare, government, food and beverage services, social assistance, and transportation and warehousing.

About 100,000 jobs per month are needed to keep up with the growth of the working-age population.

The US added about 275,000 jobs in February as workforce growth continues

The more jobs are created and the lower the unemployment rate, the more hesitant the Fed will be to finally lower record high interest rates.

More workers mean more money circulating through the economy, making it harder to curb inflation.

Despite a wave of layoffs at the start of the year, employers are generally retaining workers after struggling to find workers during the pandemic.

Although labor supply and demand have returned to equilibrium, some sectors of the economy remain desperate for skilled workers.

‘Although it was a close call, unemployment has now been below 4 percent for 25 months in a row. That’s the longest stretch since the late 1960s,” said Mark Hamrick, senior economic analyst at Bankrate.

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‘That’s why there’s nothing left,’ man rages as customer breaks Asda rule with 60p eggs

Jeffrey Bailey — Fri, 08 Mar 2024 08:55:49 +0000

EASTER can be an expensive time, especially with the price of chocolate eggs these days.

So it’s no surprise that shoppers are flocking to Asda to get their hands on tiny chocolate eggs for just 60p each.

Shoppers have left people furious after they managed to get around Asda’s ‘6 per customer’ rule on 60p Easter eggsCredit: extremecouponingandbargainsuk/facebook

They use the self-scanner to get more eggsCredit: extremecouponingandbargainsuk/facebook

And although the supermarket has introduced a ‘6 per customer’ rule for the sweet treats, some clever people have discovered how to get around that.

Imogen went to the Extreme Couponing and Bargains UK group on Facebook to share the clever trick, as she wrote: “Asda small Easter eggs 60p.

“Only 6 per customer, but if you use the handheld scanners you can continue scanning.

“I got 8!”

And she wasn’t the only one who realized that.

“I told you scanners work! I have 15 of them!” someone else commented.

But that comment ended up infuriating some people, with one man writing: “That’s why there’s nothing left – because of greedy people like you.”

Another blow back by saying, “Oh dear, what a shame!

“We have 18 and we’ll be back tomorrow for another 18 every day.”

“How is it greedy?” someone else wrote.

‘Making life harder for people’ slammed man after clearing Asda shelves of Lego to resell for £400 profit

“I have four children and lots of nieces and nephews, so I would buy 60p eggs for all of them to save a few quid!

“Every cent counts!”

“I work in a supermarket and honestly don’t understand these rules,” another commented.

“I’ll take what you like if you pay for it lol.

“Anyone would think they don’t want the custom… and for those who think it’s not fair to others, first come, first served, simple!”

“I received 14 in one transaction today at the self-checkout,” someone else said.

“I got three of each through the scanner, so I got 12 in total, three for each child,” another added.

Others argued that the rule was six eggs of any variety at 60 cents per customer.

“I was told earlier today that it is 6 eggs at 60 cents each per customer,” one person wrote.

“So you can get 36 eggs for 60 cents each!”

“Actually six of each are allowed,” said another.

But someone else argued: “I work there. There must be six in total.”

“There are six in total in our store,” agrees another.

Other customers disagreed on whether the rule was six eggs per customer or six eggs of each type per customerCredit: Getty

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A Barclays customer has had his bank charged and has been banned from spending £15,000 on his account

Jeffrey Bailey — Thu, 07 Mar 2024 13:49:44 +0000

A LOYAL customer who was ‘debanked’ by Barclays was living a ‘nightmare’ after being blocked from £15,000 of his own money.

The British expat opened his account with the major bank in 1965, but moved to France twenty years later.

A man was left shocked after Barclays denied him access to £15,000Credit: Getty

In 2022, the stunned member was told his account had been closed and his checks had stopped.

He wrote to This is money and said: “I was later told I could no longer keep my account due to the changes in Brexit rules, and the account was closed.

‘My problem is getting the £15,000 I had with Barclays transferred to my French bank – it’s been a nightmare.

“It’s been ten months and my money is still tied up in a ‘holding account’ that I have no access to.”

The frustrated customer told how he had to send Barclays a copy of his British passport, French account details and other forms provided by the bank.

After jumping through endless hoops and making sure all the paperwork was signed off, he claimed that “the money still hasn’t been transferred.”

“I am in my 80s, don’t use the internet and due to my ill health cannot travel to Britain to sort this out,” he added.

The pensioner explained how Barclays’ complaints department called and told him they couldn’t see any bill for him at all.

“This is quite concerning,” he said.

‘It’s shameful,’ shout Barclays customers who have to make a 50-mile trek to the nearest branch, while the bank is only closing a branch in Suffolk

‘Banks are getting lazier’

In response, Helen Crane from This is Money explained how many banks prevent people who do not have a home address in the UK from holding an account with them.

Others allow existing members to keep their accounts but prevent them from opening a new account – or pay a significant fee for doing so.

Helen highlighted that Barclays had given the concerned expat a six-month warning before closing the account by post – which he said he had not received.

The confused customer also claimed he had not had a bank statement from Barclays for six months prior to this warning.

Helen said: “If you had realized about the closure earlier you could have simply transferred the money yourself to your French bank account before the UK account was closed.

“But because you missed that deadline, the process was much more difficult.

“I do feel that banks are becoming lazier when it comes to dealing with customers who prefer to correspond by mail or telephone, rather than doing things online.”

MONEY TRANSFERRED

The consumer champion said older bank members who have problems accessing the internet are particularly vulnerable.

She explained how she contacted Barclays in an attempt to help.

They claimed that the bank did not have his correct phone number despite him calling them several times.

And a Barclays employee had called him from the complaints department on the correct number, which meant they had the right number.

“I had to send them your correct phone number in order to transfer the money, and I’m glad that finally happened at the end of December,” Helen said.

This was ten months after his first attempt to contact Barclays and get his money back.

“If I hadn’t been involved, who knows how long it would have lasted,” she added.

A Barclays spokesperson said: “Our Barclays UK products are designed for customers within the UK. Barclays UK no longer offers personal checking or savings accounts to retail customers who have an address registered with us outside the UK, with limited exceptions.

“Our client was given six months’ notice of this decision in July 2022 ahead of account closure in February 2023, with accompanying information explaining the next steps they needed to take.

“Between April 2023 and July 2023, monthly letters were sent to our client requesting information that would allow the funds to be released.

“Unfortunately, without this information we were unable to complete the claim. Once we were able to speak with our customer, the required information was obtained and the funds were released.”

The Sun asked Barclays for comment.

‘THE BANKS’

More cases like this are coming to light as the big banks are being held accountable.

Debanking gives people or organizations access to their money, often without any warning.

It comes as a woman who had her bank account closed by Barclays without warning said she was unable to access her £47,000 for weeks.

Hayley Grocock said she was almost forced to close her West Yorkshire charity after the bank was written off.

Hayley is the CEO of Wakefield District Sight Aid (WDSA), an organization that provides vital assistance to blind people.

After four weeks, the charity received the money in the form of a check from the banking giant.

Barclays then offered Hayley to reopen the account as they claimed there was no evidence of wrongdoing.

Meanwhile, a pensioner has told how he was left penniless after his bank account was closed by Barclays “without warning”.

Clive Sparks, 73, was furious when his family business was thrown into ‘chaos’ after Barclays suddenly announced it was closing the account after 85 years.

Why can a bank block your account?

YOUR bank may decide to dump you simply because you don’t meet the conditions.

For example, when you signed up, you agreed to pay a certain amount every month or to set up multiple direct debits.

In these types of situations, the bank must give you at least 30 days’ notice so that you can take your money elsewhere.

But which? Money editor Jenny Ross says: “Under certain circumstances, banks may close accounts without notice or reason.

“This also applies to suspected fraudulent use of the account.”

Your bank can immediately freeze your account if it detects expenses or large transfers that appear suspicious.

It can prevent money from leaving your account to help protect you if you fear you have fallen victim to fraudsters.

Likewise, if a large amount of money is received, it may be suspected that you are involved in a money laundering operation.

Fraudsters can manipulate customers into becoming so-called money mules.

This means they could be helping crooks move money earned from crime without even knowing it.

Sometimes victims think they are helping a friend or getting paid for a job that seems legitimate.

After your account has been temporarily blocked, the bank will conduct further investigation.

If he is still not satisfied after this, he can close your account permanently.

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Bitcoin rises well above the $60,000 mark and nears all-time high of $69,000 as baby boomers fuel the cryptocurrency boom

Albert Elence — Wed, 28 Feb 2024 18:45:35 +0000

Bitcoin was trading at $60,500 on Wednesday, following SEC approval in January
Some investors predict that the rally will continue and that a ‘halving’ is on the horizon

By Neirin Gray Desai Consumer reporter for Dailymail.Com

Updated: 1:36 PM EST, February 28, 2024

Bitcoin surpassed the $60,000 mark on Wednesday as the crypto bounces back to its former glory – hitting an all-time high of $68,991 in November 2021.

At approximately 12:30 PM ET, the currency was trading above $63,000, its highest level in more than two years.

The latest rally gained momentum after the US Securities and Exchange Commission (SEC) approved trading of Bitcoin Exchange Traded Funds (ETFs) in January.

They track the value of the currency but can be easily traded on stock exchanges, increasing exposure to Bitcoin for institutional investors and especially older Americans.

Bitcoin surpassed the $60,000 mark on Wednesday as the crypto neared its all-time high of $68,991

The ETFs that started trading after the SEC’s approval last month have attracted net inflows of more than $5 billion, according to Bloomberg

Since that approval on January 11, the eleven ETFs on the market have attracted net inflows of more than $5.2 billion, according to Bloomberg.

Philippe Bekhazi, CEO of crypto firm XBTO, said continued investment in the ETFs will likely continue to drive up their value.

“Looking ahead, we expect continued inflows into spot ETFs to maintain upward momentum in BTC prices,” he said.

Bekhazi also noted that the upcoming ‘halving’ would also fuel the ongoing rally. In April, the speed at which Bitcoin can be mined and put into circulation will be halved, reducing its supply.

“As we approach the BTC halving, this trend is expected to continue, potentially leading to further appreciation,” he said.

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I have turned my passion for potatoes into a profession and have Tom Walker as a customer

Jeffrey Bailey — Wed, 28 Feb 2024 04:41:32 +0000

TIKTOK fans have a growing new obsession: with the humble pudding.

The hashtag #potato has racked up 750,000 posts on TikTok, as hordes of carb lovers around the world flock to city center food vans day and night.

Lauren has turned her teenage obsession with spuds into a thriving business, above with singer Tom WalkerCredit: supplied

Tom Walker is in line for the potatoesCredit: supplied

Lauren, known as Tatie Lady, makes a baked potatoCredit: supplied

Some even travel across countries, lining up for the versatile root vegetables snaking around the block.

A couple flew 6,000 miles from Malaysia and then rented a car at Gatwick airport to solve their problem.

In the US, spud fans are even making their own baked beans in an attempt to recreate the Brits’ favorite cheese and bean topping, because you can’t buy Heinz beans in the States.

Ben Newman, known as The Spudman, is an unlikely icon.

He joined TikTok to keep an eye on what his kids were watching and started posting videos about making a potato.

He now has 2.8 million followers. Tamworth seller Staffs once claims to have sold 1,500 jacket potatoes in one day.

But close behind is mother-of-three Lauren Jones from Barnsley, South Yorks.

Known as Tatie Lady, she has turned her teenage obsession with spuds into a thriving business.

Lauren started her business in November, operating from a Wickes car park just outside the city centre.

Despite only being open on Saturdays, she now moves over 400 steaming hot spuds in four hours.

You cooked baked potatoes all wrong. Ditch the oven if you want the crispiest mashed potatoes

Lauren and husband Ryan, 39, are struggling to meet demand, selling out by 2pm as hungry customers queue for up to two hours.

The success we have had has been phenomenal. We can’t believe it

Laurens

“The success we have had has been phenomenal. We can’t believe it,” she says.

“I have 6,000 followers on Facebook, but things have gone crazy on TikTok. I joined three weeks ago and have 11,000 followers.

‘We’re attracting attention far and wide with one chap saying he didn’t like his wife being dragged out of London to try one of ours, to see if we could change our minds.

‘He said it was the best meal he had ever eaten.

“The Spudman has really helped our business by joining us on TikTok and we even had singer Tom Walker visit.”

Lauren, 37, decided to open a spud trailer after Ryan had to stop working as a bricklayer due to a bad back.

“There was a Tatie Man in town who sold potatoes for The Baked Potato Company for 40 years, but after Covid he never came back,” she says.

“I remember eating jacket potatoes there at the time.

“When I was a teenager and worked in the city, I had two to three a week.

“The people of Barnsley, including myself, were devastated when it happened, so we thought it was a good idea to open again – but this time with me, the Tatie Lady.

“We bought the company, including the trailer and old ovens.

I think the potato fascination is crazy

“And the original owner Des, now 72, has come on board to show us the tricks of the trade.”

But according to Lauren – who is a personal assistant at Premier League club Sheffield United during the week – baking the perfect pudding is not easy.

“They take a long time to get perfect and if you make them too far in advance they lose their crispy skin,” says Lauren, whose favorite topping is cheese and beans with herb butter, crispy onions and chilli sauce.

“Everyone is happy to have us back and we are so proud to be part of the history from Barnsley.

“I think the potato fascination is crazy. I only made one video and it went crazy.

“I couldn’t have timed the launch of my company and the potato craze better, but I’m here on the wave and loving it. And who doesn’t love jacket potatoes?”

Original owner Des, 72, with Lauren and her husband RyanCredit: supplied

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Qantas posts $1.25 billion after-tax profit as customer satisfaction returns after Alan Joyce's resignation

Albert Elence — Wed, 21 Feb 2024 22:50:00 +0000

By Stephen Johnson, economics reporter for Daily Mail Australia

Published: 5:02 PM EST, February 21, 2024 | Updated: 5:45 PM EST, February 21, 2024

Qantas has suffered a 13 percent drop in profits as fewer Australians booked flights with the flying kangaroo airline.

The bad news was Vanessa Hudson's first results presentation since she replaced her controversial predecessor Alan Joyce as CEO in September last year.

“We know millions of Australians rely on us and we've heard their feedback loud and clear,” she told shareholders on Thursday.

'A lot of work is being done to increase our service level and the first signals are very positive.'

In the six months to December, Qantas made underlying pre-tax profit of $1.25 billion, down $180 million or 12.6 percent from $1.43 billion for the same period in 2022.

Qantas has announced that underlying profit fell 13 percent in the first half as fares fell.

This period covered the failed Voice referendum in October, during which Mr Joyce offered free flights to Yes campaigners and decorated Qantas planes with the Yes logo.

But Mr Joyce resigned in September, bringing forward his retirement by two months, ending his 15-year stint at the helm of Australia's flag carrier.

In an announcement to the Australian Securities Exchange on Thursday morning, Qantas revealed that lower fares reduced revenue per available seat kilometer, reducing profits by $600 million, while freight revenue fell by $146 million.

But increased flight volumes boosted profits by $485 million.

Total turnover rose 12.3 percent to $11 billion.

Rates have fallen more than 10 percent since peaking in late 2022.

The bad news was the first results presentation for Vanessa Hudson since she replaced her controversial predecessor Alan Joyce as CEO in September last year.

This period covered the failed Voice referendum in October, during which former CEO Joyce (pictured with Prime Minister Anthony Albanese) offered free flights to Yes campaigners and decorated Qantas planes with the Yes logo.

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US economy adds 353,000 jobs in January, exceeding expectations in surprise boom to start 2024

Albert Elence — Fri, 02 Feb 2024 14:30:21 +0000

The report sent economists' expectations for job growth skyrocketing
The unemployment rate remained at 3.7%, the 24th month in a row below 4%
The US labor market remains alarmingly strong amid rising interest rates

By Tilly Armstrong Assistant consumer editor for Dailymail.Com

Updated: 09:28 EST, February 2, 2024

The US economy added 353,000 jobs in January – a huge gain to start 2024.

Surprising job growth in January exceeded economists' expectations. According to FactSet, growth was estimated at 176,500 last month.

It is the latest sign that the economy is still able to shake off the highest interest rates in two decades.

The unemployment rate also remained at 3.7 percent, according to Bureau of Labor Statistics data released Friday, defying expectations of a rise to 3.8 percent.

This marks the 24th consecutive month that the unemployment rate has remained below 4 percent – the nation's longest stretch since the 1960s.

This is despite the fact that headlines in recent weeks have been dominated by high-profile layoffs, including at technology companies Microsoft and PayPal and delivery company UPS.

The US economy added 353,000 jobs in January, sending economists' expectations soaring

While the report shows the strength and solidity of the U.S. economy, it also raises questions about how quickly the Federal Reserve could start cutting interest rates.

January's hiring figures come as economists and policymakers are closely watching the direction of the economy in light of possible interest rate cuts this year.

At the latest meeting on Wednesday, Federal Reserve Chairman Jerome Powell said he is encouraged about the economy and the downward movement in inflation, but warned there is still “way to go.”

The Fed voted to keep interest rates steady for the fourth straight time, keeping interest rates between 5.25 and 5.5 percent.

Powell also ruled out the chance of an expected rate cut in March.

Officials confirmed at Wednesday's meeting that interest rates will remain at current levels of between 5.25 and 5.5 percent

Rate traders now predict a 90 percent chance of a cut at the central bank meeting in May, the report said. CME FedWatch tool.

This is a breaking news story. Updates are coming.

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