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The U.S. economy added 517,000 jobs in January, unexpectedly high employment growth after predictions that job growth would slow as the Federal Reserve continues to raise interest rates. The unemployment rate was 3.4%, falling slightly from December. The Bureau of Labor Statistics said that job growth was spread across industries, including leisure and hospitality, professional and business services and health care. There also was a rise in the government payroll. The robust report belies some of the headlines of mass layoffs, particularly in the tech industry, as well as cutbacks in media. According to the seasonally adjusted figures, jobs in movies and sound recordings were unchanged from a month earlier, at 465,900. But jobs in broadcasting and among content providers fell 2.7% to 355,900. Publishing industry employment fell 1.3% to 952,600. Telecommunications jobs fell 1.4% to 656,700. Average hourly earnings on private payrolls rose by 10 cents to $33.03. … [Read more...] about U.S. Economy Added 517,000 Jobs In January; Unemployment Rate At 3.4%

UPDATED with content spend stats from annual report: Giant Amazon said its total expenses for video and music came to $16.6 billion last year, up from $13 billion in 2021. Video and music expense includes licensing and production costs associated with content offered within Amazon Prime memberships, and costs associated with digital subscriptions and sold or rented content, according to the company’s latest annual report that followed fourth quarter financials yesterday. On an earnings call Thursday, CFO Brian Olsavsky noted that Amazon spent $7 billion on originals, live sports and licensed content in 2022, up from $5 billion the year before. It’s unclear if those figures include all worldwide video content, which is increasingly central to Amazon’s strategy in driving membership for Prime, the biggest loyalty program in the world and the beating heart of the company. Amazon (which acquired MGM last year for $8.5 billion in cash) carefully evaluates its return on … [Read more...] about Amazon Praises Video As Key Driver Of Prime; 2022 Content Spend, Including Music, Hit $16.6 Billion