Jan payrolls very strong +304k, much higher.>

US DATA: Jan payrolls very strong +304k, much higher than the +167k 

expected (whisper +191k), but following a sharp downward rev to Dec 

(+222k vs +312k prev). Nov-Dec net revisions -70k, while net revisions 

for Sept-Dec -78k when annual revisions are incorporated. The unemp rate 

rose to 4.0% (4.004%) and hourly earnings +0.1% vs +0.2% expected. 

- Private payrolls +296k, with strength in construction (+52k), 

education and health services (+55k), and leisure and hospitality (+74k).

Retail jobs +21k even with seasonal layoffs. Government payrolls +8k in 

the month, with Federal Government payrolls +1k.

- Labor force participation rate +0.1 to 63.2% in Jan. The labor force 

-11k, with household employed -251k and unemployed +241k. The U-6 unemp 

rate +0.5 to 8.1%, showing a shutdown impact. The furloughed government 

workers were considered as "unemployed on temporary layoff," which 

totaled 937k vs 762k in Dec. This impact should reverse in the Feb data, 

as the next date for a government shutdown to begin, Feb. 15, would 

still allow these workers to be at work during the entire survey week.

- Hourly earnings +0.1% (+0.109%) m/m after Dec unrev at +0.4% 

(+0.365%). Hourly earnings now +3.2% y/y rounded.