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‘Stunning’ US jobs growth of 353,000 far outstrips estimates

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‘Stunning’ US jobs growth of 353,000 far outstrips estimates

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The US economy added 353,000 jobs in January, almost twice as many than forecast, in “stunning” figures that led investors to slash expectations for a March interest rate cut.

Economists had expected a 180,000 jobs increase for last month, according to an LSEG survey.

Tom Simons, US economist at Jefferies, described the figures as “stunning numbers” that left him “near speechless”.

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After their publication, futures traders scaled back bets that the US Federal Reserve would cut interest rates in March. Expectations of a cut fell to about 20 per cent, compared with 37 per cent before the report.

“Barring some kind of exogenous shock, this removes the possibility of a rate cut in March,” said Simons of the labour data. “A cut in March would be unthinkable.”

Traders also scaled back their bets on an interest rate cut in May, putting the odds at around 88 per cent. Before the report, a cut in May had been fully priced in.

Stephen Stanley, chief US economist at Santander, said that although January’s 353,000 jobs figure was “exaggerated by seasonality”, the data was “strong across the board”.

Treasury yields jumped as the markets backtracked on their expectations of early rate cuts.

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The two-year Treasury yield, which moves with interest rate expectations, built on earlier gains, rising 0.17 percentage points on the day to 4.36 per cent. 

Fed chief Jay Powell sought earlier in the week to cool speculation about a March rate cut, warning that it was not the central bank’s “base case”.

“Powell killed a March cut. The jobs number buried it,” said Robert Tipp, chief investment strategist at PGIM Fixed Income.

The S&P 500 edged up about 0.4 per cent in early trading on Friday as a surge in tech stocks helped the market shrug off the change in interest rate expectations.

Meta shares climbed 21 per cent higher after its fourth-quarter sales and outlook exceeded forecasts, alongside the surprise introduction of its first-ever quarterly dividend. Amazon rose 7.3 per cent in early trade.

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Friday’s jobs report by the Bureau of Labor Statistics also showed that US workers’ average hourly wages grew 0.6 per cent to $34.55 — up 4.5 per cent over the past 12 months.

Revised figures in the report indicated that the US had added 333,000 jobs in December, up from a first estimate of 216,000. The figure for November was also upgraded, by a more moderate 9,000 to 182,000.

Some economists suggested that the dramatic gains in January’s jobs figures — a phenomenon that also occurred last year — may have been exaggerated by seasonal hiring.

The seasonal adjustment methodology “has not caught up with the patterns in the real economy”, said Eric Winograd, senior economist for fixed income at AllianceBernstein.

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Until now, the Fed had been encouraged by signs that the labour market was cooling down. 

Referring to this week’s Employment Cost Index figures, which indicated wage rises were moderating, Powell said on Wednesday that the US was “still a good labour market for wages and for finding a job, but [was] getting back into balance and that’s what we want to see”.

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

The widow and the daughter of Maurice Pierce, one of the four men wrongfully accused in the 1991 Texas yogurt shop murders, have confirmed they signed a multimillion-dollar settlement with the city of Austin.

Kimberli and Marisa Pierce spoke with correspondent Erin Moriarty in a new episode of the podcast “48 Hours: Case by Case.” Moriarty has reported on the yogurt shop murders for over 30 years. 

Maurice Pierce’s widow Kimberli made clear that their priority has never been financial compensation. “It’s blood money for us. He died for this money,” Kimberli Pierce said. “It’s about the reform and the changes that need to happen, not only in Austin, but apparently across the country.”

They also went into great detail about what they believe happened when Maurice Pierce was shot and killed by police in 2010. 

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Maurice Pierce was one of four men, along with Michael Scott, Robert Springsteen and Forrest Welborn, who were wrongfully accused in the murders of four teenage girls in Austin on Dec. 6, 1991. Eliza Thomas, Amy Ayers, and sisters Jennifer and Sarah Harbison were tied up, shot and left inside the yogurt shop as it was set ablaze. 

The four men were exonerated in February after investigators linked another man, Robert Eugene Brashers, to the killings. The city of Austin subsequently offered a $35 million settlement. Because Maurice Pierce died in 2010, his share of $10 million will go to Kimberli and Marisa Pierce.

Eight days after the killings, 16-year-old Maurice Pierce was arrested at a mall, carrying a .22, the same caliber handgun connected to the crime. Kimberli Pierce said police told Maurice Pierce that his gun was the murder weapon. He responded by mentioning his friend Forrest Welborn. Maurice Pierce was then wired up and sent to speak with Welborn, but investigators ultimately determined that Welborn and the others knew nothing about the murders, and no charges were filed at that time.

Marisa Pierce has said there was no evidence when her father was questioned, “only a detective and a narrative, a narrative so completely false. It feels evil.”

From left, Maurice Pierce, Forrest Welborn, Michael Scott and Robert Springsteen were exonerated in February 2026 after investigators linked another man, Robert Eugene Brashers, to the December 1991 killings of four teenage girls in an Austin, Texas, yogurt shop. 

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Nearly eight years later, in 1999, all four men were arrested after Scott and Springsteen confessed to the murders. They later recanted, saying they had been coerced. Springsteen and Scott were tried and convicted, but later those convictions were overturned on constitutional grounds. A subsequent DNA test excluded all four men. Maurice Pierce was never convicted but spent three years in jail before his release in 2003. 

Kimberli Pierce said her husband came home a hardened man. She believes police continued to harass Maurice and their family after his release. In 2010, Maurice Pierce was stopped for a routine traffic stop, fled on foot, and was shot and killed by an Austin police officer who said Pierce had stabbed him with a knife. 

Marisa and Kimberli Pierce told “48 Hours” that they intend to review the circumstances surrounding the night of Maurice Pierce’s death. Marisa Pierce revealed in new, emotional detail that she was on the phone with her father at the time. She believes he panicked and was only trying to get away, not to hurt anyone. She described her father’s last breaths: “And in those last moments, he had just said I’m sorry, I don’t think you’re gonna see me again, and I love you.” 

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“48 Hours” reached out to the Austin Police Department about the Pierces’ allegations of harassment and their questions about Maurice Pierce’s death in 2010. The police department said they had no additional comment.

For the Pierce family, the settlement is a starting point, not an end point. They have put forward seven proposed reforms they hope the city of Austin will approve, including appointing a child advocate whenever a minor is questioned, prohibiting deceptive interrogation tactics, educating juveniles about their rights and establishing accountability measures to address tunnel vision in police investigations.

In a statement shared with “48 Hours,” the Pierces wrote: “Real justice is not only about acknowledging harm after the fact but about creating safeguards that prevent future families from enduring the same pain.”  

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The Maine Town That Actually Wants a Data Center

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This year, Maine nearly became the first state to pass a statewide moratorium on new data centers. But before the law could take effect, supporters of an A.I. data center project in the small town of Jay rallied to fight the ban — and won. So why do residents there want one? We traveled to Jay to find out.

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The Supreme Court says the U.S. can turn away asylum seekers at the border

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The Supreme Court says the U.S. can turn away asylum seekers at the border

The U.S. Supreme Court

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The U.S. Supreme Court on Thursday handed the Trump administration a tool that could make it far more difficult for asylum seekers to enter the United States.

Asylum is a form of legal protection available to people fleeing persecution in their home countries if they meet certain criteria. Under U.S. law, an asylum seeker who “arrives in” the U.S. is entitled to apply for asylum and generally cannot be removed from the country until their asylum application is processed. 

By a 6-3 vote, the high court ruled that federal law allows the government to stop asylum seekers from physically setting foot in the country, effectively keeping them from applying for asylum. 

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The Obama administration was the first to try stemming the flow of asylum seekers that way. But the lower courts blocked the policy on grounds that it violated federal law by denying asylum to people who otherwise would have qualified for it, had they been permitted to literally put one foot over the border.

The Trump administration, however, sought to revive the policy, contending that the lower court’s ruling “deprives the Executive Branch of a critical tool for addressing border surges and preventing overcrowding at ports of entry.” And on Thursday, the Supreme Court agreed.

Writing for the majority, Justice Samuel Alito ruled that because asylum seekers are not in the U.S. when they are turned away at the border, they did not “arrive in” the country. Therefore, he continued, the legal protections for asylum seekers have not kicked in.

Writing for the liberal dissenters, Justice Sonia Sotomayor noted that Border Patrol agents speak with all immigrants at legal entry points and speaking with an agent is effectively the first step in “arriving in” the U.S.

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