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 The Jobs Report was a huge beat. Nonfarm payrolls in the US grew by 257,000 in January, while the unemployment rate rose to 5.7% from 5.6%. Average hourly earnings also topped expectations, rising 0.5% in January compared to the prior month and rising 2.2% compared to the prior year. These gains were both better than expected. Here were Wall Street's expectations, via Bloomberg: - Nonfarm payrolls: +230,000
- Unemployment rate: 5.6%
- Average hourly earnings, month-on-month: +0.3%
- Average hourly earnings, year-on-year: +1.9%
- Average weekly hours worked: 34.6
The US labor market is currently in the midst of its longest streak of monthly payrolls adds over 200,000 since the mid-90s. Friday's report marked the 12th straight month of payroll gains over 200,000. The unemployment rate rose slightly from last month, but is still at levels last seen in July 2008. In addition to an increase in the unemployment rate, the labor force participation rate also increased, to 62.9% from 62.7%. Average weekly hours worked also rose held steady at 34.6. The "U-6" unemployment rate, which includes workers that are unemployed that those who are working part time but want full-time work, rose slightly to 11.3% from 11.2% last month. More to come ... | 
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