Payrolls Post Huge Beat, Soar To 467K

The number of Americans working surged unexpectedly in January, despite the Omicron surge.

January non-farm payrolls surged to 467,000, the Bureau of Labor Statistics data shows. That’s almost four times higher than the expected 125,000.

The impressive beat looks even better when we take into account that the investment bank Goldman Sachs expected a 250,000 drop in payrolls.

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On the other hand, the unemployment was little changed at 4%, above the expected 3.9%.

The BLS also revised the numbers for December, from a gain of 199,000 to 510,000. The unrevised numbers were a huge miss, as economists expected an increase of 422,000 but, the revision suggests the job market fared far better.

BLS also revised November’s numbers, from a gain of 249,000 to 647,000.

While these numbers are good news for the economy, some investors fear that high employment numbers could fuel inflation. This could make the Fed raise rates sooner.

U.S. treasuries shoot up higher on the news, as markets upped their rate hike predictions.

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