Set against a shaky global picture, US economy looks sturdy

WASHINGTON

The U.S. economy, well into its 10th year of growth, still has a spring in its step. And it’s all the more visible when set against a tiring global picture.

A robust January jobs report Friday showed that America’s companies are, for now, brushing off an array of economic perils and still hiring at a brisk pace. The risks that for months had induced hand-wringing among economists about a possible looming recession appear to have had little effect on employers.

Overseas growth is stumbling, led by weakness in China, the world’s second-largest economy. Europe is hamstrung by a recession in Italy and the potential for an unruly Brexit. A trade war between the U.S. and China and higher U.S. mortgage rates, partly engineered by the Federal Reserve, remain threats.

No matter. Employers added 304,000 jobs in January – the healthiest burst of hiring in nearly a year. The unemployment rate ticked up a notch to a still-low 4 percent. But that was mostly because thousands of furloughed federal workers were considered temporarily unemployed because of the partial government shutdown.