Economic Calendar
Latest Economic Update
January Jobs Report
February 7, 2025
Key Numbers
👥 Nonfarm Payrolls: +143,000 (Expected: 169,000)
📊 Unemployment Rate: 4.0% (Previous: 4.1%)
💰 Average Hourly Earnings: +0.5% MoM, +4.1% YoY
👨👩👧👦 Labor Force Participation: 62.6%
📋 Previous Month Revision: December revised up to 307,000
Sector Breakdown
🏥 Healthcare: +44,000
🛍️ Retail: +34,000
🏛️ Government: +32,000
🤝 Social Assistance: +22,000
⛏️ Mining: -8,000
Quick Analysis
January’s job growth came in below expectations but was accompanied by strong upward revisions to previous months and robust wage growth. While the headline number of 143,000 missed estimates, the combined upward revisions for November and December totaled 100,000 jobs. Notably, wages rose more than expected, with average hourly earnings increasing 0.5% monthly and 4.1% annually, potentially raising concerns about persistent inflation pressures.
Market Implications
📈 Markets: Showed limited reaction to the report
🎯 Fed Impact: May affect rate cut timing expectations
The stronger-than-expected wage growth and upward revisions to previous months might lead the Federal Reserve to maintain its cautious stance on rate cuts. Markets currently expect the Fed to hold rates steady until at least June.