January Payrolls Smash Expectations Rising By 257,000 As Hourly Earnings Surge Most Since November 2008
by Tyler Durden(s), ZeroHedge So much for expectations that January, missing on 9 out of 10 previous occasions, will miss again, as the BLS just reported that in January a whopping 257K jobs were added, far above the 228K expected, and up from December’s 252K which was revised as part of the annual BLS data revision to 329K, a whopping 147K revision! More impressive: the household survey reported that a whopping 759K jobs were created in January. The unemployment rate rose from 5.6% to 5.7%, above the 5.6% expected. But most notable, the average hourly earnings surged from last month’s -0.2% by a whopping 0.5%, the highest monthly jump in average hourly earnings since November 2008. It remains to be seen just how this is happening with mass layoffs in the oil patch, but what is now practically assured is that the Fed will have no choice but to hike as soon as June. More shortly.