US non-farm payroll employment surged 517k in January, blows away expectation of 193k. BLS noted, “job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care.”
Unemployment rate dropped from 3.5% to 3.4%, better than expectation of a rise back to 3.6%. Labor force participation rate ticked up from 62.3% to 62.4%.
Average hourly earnings rose 0.3% mom, matched expectations. Over the past 12 months, average hourly earnings have increased by 4.4% yoy.
