The U.S. economy has surprised investors with a strong jobs report for January, indicating its resilience and pointing towards economic recovery. The establishment survey showed an increase of 353,000 nonfarm payrolls, with revisions for December boosting the previous tally by 115,000. Additionally, revisions for last year's monthly change figures were upwardly revised in 9 out of 12 months, challenging the previous narrative of labor market weakness.
Although the household survey reported a decline of 31,000 in employment, annual adjustments to population controls revealed that employment actually grew by 239,000, according to Don Luskin of Trend Macro. This means that job growth exceeded expectations according to both surveys.
