US President Joe Biden hailed the country's unexpected job growth last month, suggesting the latest report from the Labour Department indicated the nation is bouncing back from the coronavirus pandemic.
Despite a surge in infections, nonfarm payrolls increased 467,000 in January after an upwardly revised 510,000 gain in December. The unemployment rate ticked up to 4 per cent and average hourly earnings jumped.
"America's job machine is going stronger than ever," Mr Biden said at the White House on Friday.
"America is back to work."
The median estimate in a Bloomberg survey of economists called for a 125,000 advance in payrolls, though forecasts ranged widely.
The White House was expected to see its first net loss of jobs in over a year, US media outlets reported. The surge of Omicron cases, which likely would have caused Americans to stay home sick or quarantine, was expected to contribute to a “hot mess” for last month's job figures, Axios reported.
“I know it hasn’t been easy. I know that January was a very hard month for many Americans,” Mr Biden said.
“But here’s the good news: we have the tools to save lives and to keep businesses open, keep schools open, keep workers on the job and sustain this historic economic comeback.”
In a surprise display of strength, the labour market continued to improve last month, weathering record levels of coronavirus infections and the resulting absenteeism from work. The data further reinforce Federal Reserve Chairman Jerome Powell’s description last week of the labour market as “strong” and validate the central bank’s intention to raise interest rates in March to combat the highest inflation in nearly 40 years.
The potential for a weak — or even negative — payrolls print, largely because of virus-related disruptions, was well telegraphed in the days before the report, including by White House and Federal Reserve officials.
Meanwhile, the Labour Department’s report showed average hourly earnings rose 0.7 per cent in January and 5.7 per cent from a year ago, further fanning concerns about the persistence of inflation. The average workweek dropped.
The faster-than-expected advance in pay could fuel market concerns about the Fed taking an even more aggressive stance on inflation this year.
Even still, the unexpected growth in US jobs coincides with the highest inflation rate in four decades, and Mr Powell said last month that inflation poses the greater threat to the US jobs market.
The US Commerce Department reported last week that the country's economy grew by 5.7 per cent last year. Economists are forecasting that the US economy will slow for the January-March quarter due to inflation and the continuing pandemic.
Mr Biden has routinely cited jobs data as proof of the robust recovery from the pandemic, and to downplay the impacts of another result of soaring inflation. Monthly data on price gains are due next week, with economists expecting the measure to remain high.
Bloomberg contributed to this report
'Midnights'
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
