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6 Takeaways From The January Jobs Report

By Kristina Hooper, Steve Malin and Greg Meier

Summary

The January jobs report beat expectations. The number of non-farm jobs created was above expectations at 257,000 and above the key 200,000 level for the 12th straight month - the longest streak since 1995. This provides additional support for our view that the Federal Reserve will begin tightening in mid-2015.

Highlights:

  • At 5.7%, the US unemployment rate is below the long-term average since 1948 of 5.8% and is less than half the euro-zone jobless rate of 11.5%.
  • Perhaps the biggest news contained in the report is the revision to the November and December job gains, which were very strong. Nonfarm payroll employment for November was revised up to 423,000 from 353,000 while December jobs were revised up to 329,000 from 252,000.
  • There was significant wage growth after disappointing results in December and November. Average hourly earnings beat expectations, rising 0.5% in