US non-farm payroll employment rose only 49k in January, well below expectation of 85k. “Notable job gains in professional and business services and in both public and private education were offset by losses in leisure and hospitality, in retail trade, in health care, and in transportation and warehousing.”
However, unemployment rate dropped to 6.3%, down from 6.7%, much better than expectation of 6.7%. Number of unemployed persons dropped to 10.1 million. Participation rate was about unchanged at 61.4%. Average hourly earnings rose 0.2% mom, below expectation of 0.3% mom.
