From Morningstar:

The U.S. economy created 353,000 jobs in January, with upward revised estimates for December and November. The unemployment rate remained at 3.7%.

Average hourly wages increased by 0.6% to $34.55 in January, with a 4.5% increase over the past year. The average workweek for private nonfarm employees fell to 34.1 hours in January, down from 34.3 in December.

The government’s report also revised up previous estimates for new job creation in December and November. Economists had forecasted a rise of 176,500 nonfarm payroll employment, with expectations for a rise in the unemployment rate to 3.8%, but the rate held steady at 3.7%.

Following the January jobs report, the U.S. dollar rose sharply against European currencies, and U.S. stock futures and European stocks declined as traders re-assessed their expectations for Federal Reserve rate cuts starting as soon as May.



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