Jan Nonfarm Payrolls +225k, Net Rev +7k;....>

US DATA: Jan Nonfarm Payrolls +225k, Net Rev +7k; Above Exp

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-Jan nonfarm payrolls +225k; unemp rate 3.6% v 3.5% Dec

-Dec jobs rev +147k (prev +145k); Nov +261k (prev +256k); Net +7k

-Jan unrounded unemployment rate 3.5795% vs Dec 3.4961%

-Jan private payrolls +206k vs Dec +142k; govt +19K

-Jan avg hourly earnings +0.2% vs Dec +0.1%; +3.1% Y/Y

-Jan aggr hrs index +0.2%; avg workwk unch at 34.3 hrs

-Jan labor force participation rate 63.4% vs 63.2% Dec

-Annual revisions: 2019 payrolls net -12k

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US nonfarm payrolls surged by 225k in January vs an expected 163k 

increase, with net revisions of +7k to December and November. Notable 

job gains occurred in construction (+44k), healthcare (+36k), and 

transportation and warehousing (+28k), but manufacturing employment fell 

by -12k in January. Job growth averaged approximately 175k per month in 

2019, but was 211k over the past three months, according to the BLS. 

The unemployment rate increased by one tenth to 3.6% from 3.5% in 

December, and the U-6 rate also expanded, rising to 6.9% from 6.7% in 

December and reflecting increased labor participation (up by two-tenths 

to 63.4%). AHE rose by 0.2% compared to last month's 0.1% increase, and 

up 3.1% y/y. Average weekly hours held steady at 34.3. 

Annual benchmark revisions resulted in -12k change for payrolls in 2019, 

and only negligible changes to the unemployment rate.