US Non-Farm Payroll employment rose 353k in January, significantly surpassing expectation of 178k. Prior month’s growth was also revised sharply higher from 216k to 333k. Both were well above monthly average of 255k growth in 2023.
Unemployment rate was unchanged at 3.7%, below expectation of 3.8%. Labor force participation rate was unchanged at 62.5%.
Average hourly earnings grew 0.6% mom, well above expectation of 0.3% mom. Annual hourly earnings growth also accelerated from 4.4% yoy to 4.5% yoy, above expectation of 4.1% yoy.
