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A hiring sign displayed at a restaurant in Skokie, Ill., Wednesday, Jan. 8, 2025. Nam Y. Huh | Associated Press

A hiring sign displayed at a restaurant in Skokie, Ill., Wednesday, Jan. 8, 2025. Nam Y. Huh | Associated Press

Surging job market could prove costly for households, businesses as odds of quick rate cuts fade

WASHINGTON (AP) — U.S. job growth surged and unemployment fell last month, an unexpected show of strength that may prove costly to homebuyers and businesses who were counting on sharply lower interest rates to lower the cost of buying everything from refrigerators to homes.