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FILE - A hiring sign is displayed at a Chipotle restaurant in Schaumburg, Ill., Jan. 30, 2023. Job gains and raises helped power solid economic growth in the U.S. last year, but what if those gains were a mirage? The Labor Department overestimated job gains last year by about 13%. That suggests some of Wall Street’s optimism last year was built on sand. A weaker employment market means a weaker case for consumer spending to keep propping up the economy. (AP Photo/Nam Y. Huh, file)

FILE - A hiring sign is displayed at a Chipotle restaurant in Schaumburg, Ill., Jan. 30, 2023. Job gains and raises helped power solid economic growth in the U.S. last year, but what if those gains were a mirage? The Labor Department overestimated job gains last year by about 13%. That suggests some of Wall Street’s optimism last year was built on sand. A weaker employment market means a weaker case for consumer spending to keep propping up the economy. (AP Photo/Nam Y. Huh,…

January 22, 2024

Stories this photo appears in:

Job gains and free-spending shoppers lifted Wall Street in 2023, but new data tells another story
January 22, 2024 2 p.m.

Job gains and free-spending shoppers lifted Wall Street in 2023, but new data tells another story

Job gains and raises helped power solid economic growth in the U.S. last year, but what if those gains were a mirage? The Labor Department overestimated job gains last year by about 13%.