Macro Data – US January Non-farm Payrolls
4th February, 2022 3:02 pm Following the surprise contraction in January ADP on Wednesday (-301k), expectations for Non-Farm Payrolls had been pared back. So the strong is clearly a positive shock with headline NFP +467k (mkt 150k) from an upwardly revised 311k in December. Private sector jobs growth came in at 444k (mkt 150k). Manufacturing payrolls added 13k (mkt 25k) jobs while government gained 23k from an upwardly revised gain of 7k last month. The patterns of strong upward revisions continue and the average monthly revision over the past 12-months now stand at +111k, the highest we’ve seen so far in this recovery.
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